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2013 (7) TMI 164 - ITAT HYDERABADAssessment of income - investment activity or business activity - Short term capital gain v/s Long term capital gain - Held that:- The assessee has made both purchases and sales, on a continuous basis, during the year. Even while the assessee was selling the shares, it continued to purchase them and again sold them. This is not the normal behaviour expected of an investor. While it is reasonable to expect that even an investor would seek to sell his shares if the conditions so warrant, the action of the Assessee in purchasing the shares even while he was engaged in selling them, speaks of a trading motive. Thus respectfully following the decision of ACIT Vs. Anil Kumar Jain (2013 (1) TMI 11 - ITAT HYDERABAD) order of the CIT(A) upheld in holding that the assessee as a trader in shares, not an investor and sustaining the taxability of gains arising out of purchase and sale of shares as being 'income from business' as against 'income from capital gains' as disclosed by the assessee. - Decided in favor of assessee.
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