https://www.taxtmi.com/caselaws?id=208697 The Tribunal upheld the classification of profit from the sale of shares as long-term capital gains, rejecting the revenue's argument that it should be treated as business income. Additionally, the Tribunal set aside the enhancement of disallowance under section 14A of the Income Tax Act, agreeing with the assessee that Rule 8D was not applicable for the relevant year. The Tribunal dismissed the revenue's appeal and partly allowed the cross-objection filed by the assessee, confirming the treatment of profits and reversing the enhanced disallowance. en-us Wed, 20 Oct 2010 00:00:00 +0530 Mon, 08 Jul 2013 10:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=208697 The Tribunal upheld the classification of profit from the sale of shares as long-term capital gains, rejecting the revenue's argument that it should be treated as business income. Additionally, the Tribunal set aside the enhancement of disallowance under section 14A of the Income Tax Act, agreeing with the assessee that Rule 8D was not applicable for the relevant year. The Tribunal dismissed the revenue's appeal and partly allowed the cross-objection filed by the assessee, confirming the treatment of profits and reversing the enhanced disallowance. Case-Laws Income Tax Wed, 20 Oct 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=208697