Income — Sale of shares — Short term capital gains vis-à-vis business income

Income — Sale of shares — Short term capital gains vis-à-vis business income — Assessee declared total income of ₨ 36,67,810, which included income in form of short term capital gains — Assessee had also declared dividend income which was claimed as exempt — AO observed that predominant activity was share trading and hence proceeds on sale of shares were assessable to tax under head “business income” — CIT(A) held that short term capital gain disclosed is out of investment activities and not out of business activities — AO was directed to treat disclosed STCG accordingly — Held, CIT(A) had considered facts in proper perspective while concluding that assessee had purchased shares in her capacity as investor and not with a view to trading in purchase and sale of shares — Since no evidence was furnished by revenue to contradict findings of CIT(A), no infirmity in order passed by CIT(A).