Institutional incapacity in customs settlement proceedings excludes non-functional quorum periods from statutory disposal timelines, preventing automa...
Interactive touchscreen panels with integrated computing functions fall under automatic data-processing machines rather than display monitors for cust...
Ex parte injunction service requirements were substantially met, while civil recovery and SFIO investigation into provident fund defalcation continued...
Enforcement of resolution-plan directions continues without a Supreme Court stay, preventing suspension of redistribution and escrowed-fund distributi...
Third-party ownership claims over attached property require Special Court adjudication where purchasers lack registered sale deeds and bona fides rema...
Pure-agent reimbursements in clearing and forwarding services are excluded from taxable value when qualifying third-party payments are properly record...
Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
The ITAT Indore addressed the issue of re-characterizing income from share trading as either short-term capital gain or business income. The tribunal found that the Assessing Officer's basis for treating the income as business income was meritless, as the frequency of transactions alone does not determine the intention behind the transactions. The tribunal upheld the CIT(A)'s decision to treat the income as short-term capital gain, emphasizing that the intention behind the transactions is crucial. Regarding the gain on the sale of land based on an unregistered agreement, the tribunal concluded that since both the assessee and the department agreed to pay tax on the transaction, the nature of income should be considered as long-term capital gain, not Income from Other Sources.
The ITAT Indore addressed the issue of re-characterizing income from share trading as either short-term capital gain or business income. The tribunal found that the Assessing Officer's basis for treating the income as business income was meritless, as the frequency of transactions alone does not determine the intention behind the transactions. The tribunal upheld the CIT(A)'s decision to treat the income as short-term capital gain, emphasizing that the intention behind the transactions is crucial. Regarding the gain on the sale of land based on an unregistered agreement, the tribunal concluded that since both the assessee and the department agreed to pay tax on the transaction, the nature of income should be considered as long-term capital gain, not Income from Other Sources.
Note: It is a system-generated summary and is for quick reference only.
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