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2015 (4) TMI 1249 - ITAT MUMBAINature of income - treatment to the income from Sale of Shares as Business income OR Short Term Capital Gain - intention behind the purchases - Held that:- When the assessee itself is shifting his stand and offering the profit arising from sale and purchase of shares as business income and subsequently as a short term capital gain, then the rule of consistency will also be applicable on the assessee and not on the AO alone. In view of the fact that all the transactions of sale and purchase are carried out in such a fashion that it cannot be regarded that the assessee purchased the shares with the intention to retain and hold the same for a longer period and for appreciation of value but the sale of the shares within a short period of time and within a period of one week in the most of the cases clearly manifest the intention of the assessee that the transactions were not undertaken by the assessee with a view to keep the same as investment. Accordingly, we do not find any error or illegality in the orders of the authorities below. - decided against assessee.
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