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2010 (10) TMI 573 - ITAT, KOLKATAShort-term capital gains or business income - Share transaction - Assessee has reiterated the submissions made before the Revenue authorities and further stated that the closing stock has been constantly valued by the assessee at the cost first in and first out basis and he further established that the closing stock has been shown at the last purchased rate - However, while executed in the statement, they have mentioned average of the last purchases when there are more than one purchases, to establish this fact, he filed the name of the scrips which are treated by the assessee in closing stock and the value of the last purchases - since the assessee is constantly showing all the shares as investment since its incorporation it is not fair on the part of the Revenue to treat the same as business income of the assessee - Decided in favour of assessee.
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