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2015 (5) TMI 755 - ITAT AHMEDABADTransaction through PMS and market broker - capital gain v/s business income - CIT(A) directed the Assessing Officer to treat the appellant as an investor and treat the profit on sale of shares as "capital gains" - Held that:- As decided in assessee's own case for the Assessment Years 2004-05 and 2005-06 when totality of all the above facts are considered, the inference drawn by the CIT (A) that the assessee is an investor in shares, appears to be correct. Apart from the above, on the principle of consistency also order of the CIT (A) on this point deserves to be upheld because in the original returns income from sale of shares was disclosed under the head "capital gain" and the same was accepted by the Revenue. Income tax proceedings the rule of res judicata does not apply but there should be uniformity in treatment and consistency under the same facts and circumstances. See CIT vs. Gopal Purohit,[2010 (1) TMI 7 - BOMBAY HIGH COURT] - Decided against revenue.
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