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ITAT Rules Share Sale Profits as "Income Business," Supports Reopening Assessments u/s 147 of Income Tax Act.
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....Reopening of assessment - ITAT confirming that profit on sale of shares is to be assessed under the head “income business” and not under the head “capital gains” - The initiation of such proceedings under section 147, according to us, is fully within the four corners of section 147 of the Act. - HC....