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TMI Blog2016 (3) TMI 247X X X X Extracts X X X X X X X X Extracts X X X X ..... for our consideration :- " Whether, on the facts and in the circumstances of the case and in law, was the Tribunal justified in rejecting the submissions of the appellant that it had earned the short term capital gain of Rs. 77,85,745/- by considering the same as the nature of business income ?" 3. The Appellant - Assessee is engaged in the business of trading of shares and providing equity share advise. During AY 2008-09, the Appellant filed its return of income declaring profit in trading of shares at Rs. 7.75 lakhs and short term capital gain at Rs. 77.85 lakhs. This distinction between capital gains on account of investment and gains on trading account in respect of shares in same companies was made on the basis that wherever the ho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the other parameters also, as per the details and Tables given in the assessment order, from which it is seen that assessee is holding shares from one day to maximum 75 days and no transaction is for a longer period. Most of the holdings are for less than two months. At the same time, the volume of transactions is also high which is in many cases 50,000 shares or more, which shows that assessee does not intend to hold them as investment. In share trading A/c. assessee has not shown anything held for more than one day. Therefore, from the facts and circumstances of the case it clearly appears that assessee is trading in shares but the shares where the holding period is less than one day are shown on account of trading except two transactio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as offered profit earned on account of trading activities at Rs. 7.75 lakhs and the amount of Rs. 77.85 lakhs was also offered to tax as short term capital gains as they were gains made in respect of shares held as investment. It is further submitted that the finding of Tribunal that most of the shares have been held for less than 30 days from the date of purchase was not correct. Therefore, it is submitted that this appeal be admitted. 7. We find that all the authorities under the Act have on consideration of facts and in particular the statement of short term capital gain which was annexed to the return of income by the Appellant and also annexed as Exh.A-1 to the Appeal Memo rendered a finding of fact that the profit claimed to be on ac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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