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2017 (3) TMI 901 - HC - Income TaxIncome from share transactions - ITAT holding as Long Term Capital Loss on sale of shares in place of business income - shares held as stock in trade by the assessee - Held that:- It is permissible for an assessee to have two accounts; one for trading of shares and other for investment. In the absence of any material being brought on record by the revenue to suggest that the Long Term Capital Gain claimed by the assessee was not in respect of trading of shares, the findings recorded by the Tribunal does not call for any interference by this Court. Allowing the membership fee & annual subscription expenses - allowable business expenses - Held that:- There is no material to suggest that the expense claimed by the assessee was non-business or of a personal in nature. Being essentially a finding of fact, the Tribunal having recorded findings on the basis of the material and evidence before it, the same does not suffer from any infirmity.
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