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Tribunal Misses Key Detail: Separate Investment Account Affects Classification of Share Income as Business Profit or Capital Gain.

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Full Text of the Document

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....Correct head of income - gain on sale and purchase of shares - normal business profit or short term capital gain - The learned tribunal had failed to note that the assessee had maintained a separate account for investment, which fact was very material to consider the nature of transactions effected by the assessee during the relevant period. - HC....