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2011 (5) TMI 528 - ITAT MUMBAISale of shares - Short term capital gains or Business income - Held that:- Shares which are held for less than 30 days in respect of secondary market purchase and sale - the assessee sold shares within 30 days of purchase cannot be the basis to hold that vis-à-vis those shares the assessee did trading - The intention of the assessee is to hold shares as investments and the circumstances do not justify giving a different treatment - Therefore hold that the capital gain as declared by the assessee should be accepted(short term capital gain) - Decided in favour of assessee.
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