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2018 (12) TMI 41 - HC - Income TaxIncome from Sale of shares - business income or short term capital gain - Held that:- There were no instances of repetitive purchase and sale of shares. From the balance sheet, it could be gathered that the Assessee had used its own funds or interest free funds, borrowed from the Directors of the Company in order to purchase the shares. Assessee had taken physical delivery of the shares and in the books of account, treated the same as an investment. Inter alia, on said grounds, Tribunal had ruled in favour of the Assessee. Whether the purchase and sale of shares is in the nature of investment or business venture, would depend on facts and circumstances of each case. There are judicially laid down guidelines and parameters to judge whether in a case, the sale of shares would give rise to business income or capital gain. Nevertheless, essentially such question is a mixed question of law and facts. Tribunal has applied the correct parameters to the admitted the facts, emerging from the record. We do not find any error in such consideration. No question, therefore, arises for our consideration. Disallowance of Foreign Travel expenses - revenue expenditure OR capital expenditure - Held that:- Tribunal came to the conclusion that the Foreign Travel expenditure was incurred to increase the Assessee's customer base in different countries and also to open new avenues in the existing business of providing financial consultancy service. In nutshell, therefore, the Tribunal from the facts on record, held that the expenditure was for expansion of extending business and not for setting up a new business. No question of law arises
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