https://www.taxtmi.com/caselaws?id=68809 The tribunal allowed the appeal, ruling that the income of Rs. 10,71,003 from the sale of shares should be classified as long-term capital gains, not business income. It found no evidence of a colorable device to evade taxes, as the assessee maintained separate accounts for investments and trading. The tribunal also overturned the disallowance of Rs. 23,737 in interest expenses and Rs. 19,200 in guard expenses, recognizing them as legitimate business expenses. The appellate order was deemed unjustified in its disallowances and reclassification of income. en-us Thu, 20 Dec 2007 00:00:00 +0530 Wed, 24 Jan 2024 12:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68809 The tribunal allowed the appeal, ruling that the income of Rs. 10,71,003 from the sale of shares should be classified as long-term capital gains, not business income. It found no evidence of a colorable device to evade taxes, as the assessee maintained separate accounts for investments and trading. The tribunal also overturned the disallowance of Rs. 23,737 in interest expenses and Rs. 19,200 in guard expenses, recognizing them as legitimate business expenses. The appellate order was deemed unjustified in its disallowances and reclassification of income. Case-Laws Income Tax Thu, 20 Dec 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68809