https://www.taxtmi.com/caselaws?id=118367 The Tribunal held that the assessee's share transactions constituted business income based on evidence of regular sales and purchases, indicating a profit motive. The treatment of shares as investments in the balance sheet was deemed irrelevant. The Tribunal allowed the expenses claimed by the assessee as business expenditure, emphasizing the profit motive behind the transactions. Additionally, the Tribunal ruled in favor of the assessee regarding the challenge of re-opening the assessment under section 147 for the assessment year 2000-01, rendering the issue moot. The appeal for the assessment year 2000-01 was partly allowed, and the appeal for the assessment year 2001-02 was fully allowed. en-us Fri, 07 Apr 2006 00:00:00 +0530 Sat, 30 Jun 2012 12:20:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118367 The Tribunal held that the assessee's share transactions constituted business income based on evidence of regular sales and purchases, indicating a profit motive. The treatment of shares as investments in the balance sheet was deemed irrelevant. The Tribunal allowed the expenses claimed by the assessee as business expenditure, emphasizing the profit motive behind the transactions. Additionally, the Tribunal ruled in favor of the assessee regarding the challenge of re-opening the assessment under section 147 for the assessment year 2000-01, rendering the issue moot. The appeal for the assessment year 2000-01 was partly allowed, and the appeal for the assessment year 2001-02 was fully allowed. Case-Laws Income Tax Fri, 07 Apr 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118367