The Tribunal, by the impugned order dated 30th August 2013, after considering the Circular No.4 of 2007 dated 15th June 2007 issued by the Central Board of Direct Taxes, observed that there are various factors such as frequency, volume, entry in the books of accounts, nature of funds used, holding period etc. which are relevant in deciding the true nature of transactions and no single factor is conclusive. Thus, mere non-introduction of interest bearing funds will not alone determine the nature of the transactions. The impugned order, after analyzing the statement of capital gains which were available before it, came to the conclusion that most of the shares have been sold within 30 days of its purchase and upheld the order of the CIT(A)… In view of the above, we see no reason to interfere with the above concurrent findings of fact which has not been shown to perverse or arbitrary.
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