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2011 (7) TMI 514 - HC - Income TaxAdvances receive - treated as income - Held that:- As per section 20, the assessee shall be liable to RCCL for payment of cancellation charges in accordance with the applicable cancellation charges schedule as may be amended from time to time - Assuming that in some cases, the assessee, in case of cancellation of trip, is liable to return the commission earned, it would be open for the assessee to seek adjustment or claim a refund of tax from the Authorities. Therefore, held that the stand taken by the CIT (A) in this regard was correct and 25% of the booking advances received should be treated as income of the assessee assuming that there are no cancellations - However, the assessee shall be entitled to 10% credit on account of travel agents commission after ascertaining actual outgoings in this regard. Loss from share trading - business loss or a capital loss - The assessee was doing share trading business although in his own name and not in the name of M/s Titun Travel Market - Held that:- The assessee was dealing in shares not for the purpose of investment but for the purpose of business - It is settled position of law that where shares are traded for the purpose of business, any loss arising therefrom will be considered as “Business Loss”. (CIT v. Ashoka Marketing Co -1971 (7) TMI 8 - SUPREME Court). Thus the Tribunal was right in holding that the assessee is entitled to set off the loss in share trading business from that of travel agency business - The case of the assessee comes within the purview of Section 70 - in favour of assessee and against the revenue.
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