https://www.taxtmi.com/caselaws?id=120822 The Tribunal allowed the assessee's appeals in ITA No. 4331/Mum./2000 and ITA No. 3069/Mum./2001, dismissing the revenue's appeal in ITA No. 7754/Mum./2003. It held that interest on borrowed capital for purchasing shares should be allowed under section 36(1)(iii) and income from the sale of shares should be treated as business income, not capital gains. The Tribunal found that the Assessing Officer's decisions were reasonable and not erroneous, thereby quashing the Commissioner of Income Tax's order under section 263. en-us Fri, 30 Nov 2007 00:00:00 +0530 Tue, 24 Jul 2012 16:31:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120822 The Tribunal allowed the assessee's appeals in ITA No. 4331/Mum./2000 and ITA No. 3069/Mum./2001, dismissing the revenue's appeal in ITA No. 7754/Mum./2003. It held that interest on borrowed capital for purchasing shares should be allowed under section 36(1)(iii) and income from the sale of shares should be treated as business income, not capital gains. The Tribunal found that the Assessing Officer's decisions were reasonable and not erroneous, thereby quashing the Commissioner of Income Tax's order under section 263. Case-Laws Income Tax Fri, 30 Nov 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120822