https://www.taxtmi.com/caselaws?id=69596 The tribunal allowed the assessee's claim for depreciation on paintings used for office decoration, considering them as furniture and fittings. Disallowance related to spares, stores, and building repairs was upheld. The tribunal agreed with taxing interest income on a mercantile basis. Profit from the sale of shares was treated as business income due to frequent trading activities. The exclusion of flats for depreciation was directed for reconsideration with additional evidence. The tribunal recalculated the loss on the sale of shares, attributing part to the fall in share value and part to the sale of a tea estate. Long-term capital gains assessment on land and buildings was to be re-examined due to discrepancies in computation. en-us Mon, 30 Dec 1996 00:00:00 +0530 Thu, 07 Apr 2011 18:14:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69596 The tribunal allowed the assessee's claim for depreciation on paintings used for office decoration, considering them as furniture and fittings. Disallowance related to spares, stores, and building repairs was upheld. The tribunal agreed with taxing interest income on a mercantile basis. Profit from the sale of shares was treated as business income due to frequent trading activities. The exclusion of flats for depreciation was directed for reconsideration with additional evidence. The tribunal recalculated the loss on the sale of shares, attributing part to the fall in share value and part to the sale of a tea estate. Long-term capital gains assessment on land and buildings was to be re-examined due to discrepancies in computation. Case-Laws Income Tax Mon, 30 Dec 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69596