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2016 (6) TMI 598 - GUJARAT HIGH COURTTransaction in shares - Short Term Capital Gains OR Business Income - Held that:- Referring to guidelines for ascertaining whether in case of certain assessee buying or selling of shares is done by way of investment. These tests have to be applied cumulatively. The Tribunal noted that the assessee had a history of being investor. The activity of transactions relied only to five strips. All transactions were delivery base. The assessee had not termed the activity of sale and purchase on daily basis. The assessee had showed the shares by way of investments in the books of accounts, had not borrowed any finance acquired such shares. Majority of the capital gain relied to shares held for more than 60 days. Appellate Tribunal was justified in holding that transaction in shares made within a short period was Short Term Capital Gains and not Business Income as treated by the Assessing Officer - Decided against revenue
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