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2016 (11) TMI 1059 - ITAT MUMBAITreatment of profit arising on share transaction - business income or short term capital gain - Held that:- As decided in assessee's own case for A.Y. 2007-08 we find that it has not been disputed that the assessee has shown shares as investment right from the date of purchase and that was shown as such in the balance sheet of the assessee which was filed before the AO. In our humble opinion, the shares have to be treated as an investment and therefore any profit earned on the sale thereof is to be treated as capital gain. Findings of the Ld. CIT(A) are reversed. The AO is directed to treat the profits on sale of shares as capital gain, short term or long term as the case may be - Decided in favour of assessee
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