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2010 (2) TMI 730 - AT - Income TaxCapital gain or business income - assessee was asked to state the reasons as to why short term capital gains should not be treated as trading income from professional services - CBDT Circular No.4 of 2007 dt.15.6.2007 - the facts are not in dispute inasmuch as it is not the case of the revenue that the assessee has not shown the investment in shares as investment in the balance sheets for the Assessment Years 2004-05 and 2005-06 - held that the profit on sale of shares is assessable under the head short term capital gain, hold that the share transactions are in the nature of investment and the profit received therefrom is assessable as short term capital gain as shown by the assessee Regarding business development expenses - there is no dispute that the assessee has filed details of expenses supported by bills claiming that all the expenses have been incurred for conducting various seminars and meetings to educate and update its clients in respect of its business of financing - Held that: the personal use by the partners out of the aforesaid sale promotion expenses is not ruled out even at this stage, hence, we restrict the disallowance to 5% as against 10% of total sale promotion expenses sustained by the ld. CIT(A) - Appeal is partly allowed
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