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TMI Blog2019 (4) TMI 1182X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Tribunal. Most significant aspect as noted above is that out of total gain of ₹ 1,10,35,000/-, only 12,000/- represented short term capital gain. That apart, the CBDT has now issued Circular dated 29.2.2016 which provides that subject to certain conditions, any receipt of listed shares and securities held by an assessee for a period of more than 12 months if the assessee desires to tr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ellate Tribunal, Mumbai ( the Tribunal for short). 3. Following question is presented for our consideration: - Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in deleting the addition regarding the treatment of business income shown as long term and short term capital gains ignoring the facts available on record in f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was short term capital gain arising out of sale of shares. 6. The Assessing Officer and the CITA(A) held that the assessee was in the business of buying and selling shares and the receipts were therefore, the assessee s business income. The Tribunal reversed this view primarily on the ground that the assessee had treated the shares as investment, the number of transactions during t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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