https://www.taxtmi.com/caselaws?id=68508 The appeals were allowed in part. The reassessment proceedings under Section 147 were upheld. However, the income from the sale of shares was classified as capital gains, not business income. The appellant was granted the deduction under Section 48(2), and the addition for low withdrawals for household expenses was removed. The AO was instructed to provide relief regarding the interest charged under Sections 234B and 234C. en-us Wed, 19 Mar 2003 00:00:00 +0530 Wed, 30 Mar 2011 17:17:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68508 The appeals were allowed in part. The reassessment proceedings under Section 147 were upheld. However, the income from the sale of shares was classified as capital gains, not business income. The appellant was granted the deduction under Section 48(2), and the addition for low withdrawals for household expenses was removed. The AO was instructed to provide relief regarding the interest charged under Sections 234B and 234C. Case-Laws Income Tax Wed, 19 Mar 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68508