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2013 (5) TMI 99 - ITAT HYDERABADIncome earned from sale of shares as long term capital gain - Business income or capital gains - intention of the assessee - Held that - the Assessing Officer as well as the CIT(A) have not examined the issue from this angle. The lower authorities have also rejected the assessee's claim under a misconception that share transactions were not routed through Demat account, which the assessee has proved to be wrong by producing the copy of the Demat account before us. Considering the fact that the revenue authorities have not properly dealt with the facts, we deem it fit and proper to remit the matter back to the file of the Assessing Officer, who shall examine all the documents submitted before him in this regard and consider the issue afresh keeping in view the parameters laid down by the Hon'ble Jurisdictional High Court in case of PVS Raju and Anr. V. Additional CIT, [2011 (7) TMI 818]. Needless to mention the Assessing Officer shall afford a reasonable opportunity of being heard to the assessee before finalizing the proceedings.
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