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2013 (12) TMI 646 - ITAT MUMBAIShares held for less than 30 days to be treated as investment or trading in shares – Held that:- Following CIT Vs Gopal Purohit [2010 (1) TMI 7 - BOMBAY HIGH COURT] - Delivery based transactions should be treated as those in the nature of investment transactions and the profit received therefrom should be treated either as short term or long term capital gain, depending upon the period of the holding - The principle of res judicata is not attracted since each assessment year is separate in itself. - There cannot be any dispute about the basic proposition that entries in the books of account alone are not conclusive in determining the nature of income – Decided in favour of Revenue.
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