https://www.taxtmi.com/caselaws?id=71173 The ITAT ruled in favor of the assessee, directing the AO to assess the income as long-term capital gains instead of business income for the amount of Rs. 2,31,026. The ITAT also upheld the decision to restrict telephone expenses to Rs. 4,303 due to potential personal use, and affirmed the addition of Rs. 20,000 in respect of low withdrawals. The appeal was partially allowed, with detailed justifications provided for each issue addressed. en-us Fri, 15 Oct 2004 00:00:00 +0530 Thu, 21 Apr 2011 17:03:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71173 The ITAT ruled in favor of the assessee, directing the AO to assess the income as long-term capital gains instead of business income for the amount of Rs. 2,31,026. The ITAT also upheld the decision to restrict telephone expenses to Rs. 4,303 due to potential personal use, and affirmed the addition of Rs. 20,000 in respect of low withdrawals. The appeal was partially allowed, with detailed justifications provided for each issue addressed. Case-Laws Income Tax Fri, 15 Oct 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71173