https://www.taxtmi.com/caselaws?id=117749 The Tribunal held that the profit from the sale of shares should be classified as business income rather than capital gains. It allowed the deduction of interest paid on fixed deposits as a business expense since the funds were used for business purposes. The disallowance under section 40A(3) for cash payments exceeding the prescribed limit was upheld for the entire amount exceeding Rs. 20,000. The Tribunal directed verification of the Provident Fund contributions to determine their allowability based on payment dates. The appeal was partly allowed in favor of the Revenue. en-us Thu, 30 Dec 2004 00:00:00 +0530 Tue, 26 Jun 2012 13:11:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117749 The Tribunal held that the profit from the sale of shares should be classified as business income rather than capital gains. It allowed the deduction of interest paid on fixed deposits as a business expense since the funds were used for business purposes. The disallowance under section 40A(3) for cash payments exceeding the prescribed limit was upheld for the entire amount exceeding Rs. 20,000. The Tribunal directed verification of the Provident Fund contributions to determine their allowability based on payment dates. The appeal was partly allowed in favor of the Revenue. Case-Laws Income Tax Thu, 30 Dec 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117749