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TMI Blog2013 (2) TMI 817X X X X Extracts X X X X X X X X Extracts X X X X ..... ue is whether income earned by the respondent assessee is to be taxed on sale of shares as short term capital gain as contended by the assessee or income from business as contended by the revenue. 2) The respondent-assessee is Doctor by profession. In his return of income for assessment year 2004-05 the respondent assessee declared short capital gain to the extent of ₹ 70.43 lacs .The Ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... would have to be taxed as gain from short term capital gain and not as business income. The Tribunal found that almost 95 % of the funds for investment in shares belongs to the assessee. Further, the shares were always shown as investment in his balance sheet and considered to be an investment. The dividend earned was ₹ 8.36 lacs on the investment of ₹ 2.77 crores also establishes tha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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