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2012 (7) TMI 204 - ITAT, INDOREDisallowance of detention charges - A.O. stated that such detention charges are penal in nature and therefore cannot be allowed as deduction - Held that:- The expenditure incurred by the assessee for delay in returning the containers is a normal and regular procedure of custom and as such the payment is nothing but in the nature of demurrage and simply because it is paid to the custom department, the nature cannot be changed - the disallowance made by the AO was not justified - favour of assessee. Disallowance of commission - Held that:- As the assessee has duly explained the nature of services rendered by the companies to whom commission was paid by account payee cheques. Such commission is a normal business expenditure keeping in view the nature of business the assessee was engaged, dis - allowance is not warranted - in favour of assessee. Treatment of profit of sale of shares - whether as Short term capital gain or business income - Held that:- As the AO himself has accepted that the assessee had made investment in limited number of shares and that profit on shares held for more than 12 months as long term capital gain no point to treat the gain arising out of same class of shares held for less than one year as business income - in favour of assessee.
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