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of <h1>Court rules shares sale profits as capital gains, not business income. Intent for investment, not trade.</h1> <h3>THE COMMISSIONER OF INCOME TAX-II Versus JINDAL PHOTO INVESTMENT LTD.</h3> The High Court dismissed the case as it found no question of law arising. The court upheld the decision by the CIT(A) and ITAT regarding the nature of ... - Issues involved: Determination of nature of income from sale of shares - Capital gain or business income.Issue 1: Nature of income from sale of sharesThe High Court observed that the decision in question was based on findings of fact by the CIT(A) and affirmed by the ITAT. The shares sold had been held for a long time and were treated as investments in the assessee's books. The intention was to hold the shares for a long period to earn income from dividends and capital appreciation. The earnings from the sale were used to pay off a loan. The AO did not provide strong reasons for treating the profit/loss from the sale of shares as business income. The CIT(A) correctly assessed the situation and directed the AO to tax the profit/loss as capital gains, not business income.Conclusion: The High Court found no question of law arising and dismissed the case.
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