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2016 (8) TMI 999 - ITAT PUNEGain arising on sale of shares - business income OR short term capital gain - Held that:- A perusal of Clause (b) reproduced above would show that where the shares are held for a period of more than 12 months, the Revenue shall not dispute the income offered by the assessee on transfer of shares as Capital Gain, provided the assessee consistently treat those shares as investment. However, in the present case we find that the shares on which the assessee has claimed Short Term Capital Gain are held by the assessee for the period less than 6 months and in some of the cases the holding period is even less than 10 days. Therefore, the assessee cannot take the shelter of this CBDT Circular. Thus, in view of the facts of the case, we do not find any merit in submissions of the assessee to treat the income from sale of shares as Short Term Capital Gain.
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