https://www.taxtmi.com/caselaws?id=285950 A short-term capital loss supported by contemporaneous commercial documents, share purchase agreements and banking records cannot be treated as bogus or a colourable device merely on suspicion; the material on record must displace the transaction's commercial explanation, and here it did not. Software consultancy expenditure incurred for business expansion and for upgrading and integrating broadcasting software was connected with business operations and was therefore revenue in character on the facts stated. The note concludes that the additions were deleted and the assessee succeeded on both issues. en-us Fri, 01 Mar 2019 00:00:00 +0530 Tue, 04 Feb 2020 19:47:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285950 A short-term capital loss supported by contemporaneous commercial documents, share purchase agreements and banking records cannot be treated as bogus or a colourable device merely on suspicion; the material on record must displace the transaction's commercial explanation, and here it did not. Software consultancy expenditure incurred for business expansion and for upgrading and integrating broadcasting software was connected with business operations and was therefore revenue in character on the facts stated. The note concludes that the additions were deleted and the assessee succeeded on both issues. Case-Laws Income Tax Fri, 01 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285950