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2014 (7) TMI 964 - HC - Income TaxNature of transaction – STCG in investment and not trading – Held that:- The assessee has held 4 scrips for a period of more than 6 months during the year and 5 scrips have been held for 3 to 5 months, while the remaining have been sold within a period of 30 days – assessee had no intent of holding on to the shares - the Tribunal has failed to note is that mere treating the transaction separately in the books of account would not assist the assessee - If the Tribunal does not hold that the concurrent findings are perverse, then, all the more, this question is a substantial question of law. Insurance premium paid – Insurance policy covers the period of next financial year - Held that:- The Tribunal was of the view that there is no dispute regarding the allowability of keyman insurance - The disallowance was made by the AO only because the assessee took the insurance policy on the last date of the financial year - expenditure came during the financial year relevant to the assessment year - the insurance policy cover is extended to the next financial year does not mean that the premium paid during the year under consideration is not an allowable expenditure – Decided against Revenue.
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