https://www.taxtmi.com/caselaws?id=212426 The ITAT, Jodhpur, ruled in favor of the assessee in an appeal concerning the assessment year 2004-05. The ITAT held that section 50C of the IT Act did not apply to compute long-term capital gain when a sale occurred through an agreement without registration, directing the AO to calculate the gain based on the sale agreement value. The ITAT also remanded the treatment of gain and loss on shares as business income back to the AO for further examination, emphasizing the distinction between investment and trading portfolios. Moreover, the ITAT reduced the ad hoc disallowance of business expenses from 20% to 10% for fairness in assessment. en-us Fri, 09 Dec 2011 00:00:00 +0530 Sun, 15 Apr 2012 18:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212426 The ITAT, Jodhpur, ruled in favor of the assessee in an appeal concerning the assessment year 2004-05. The ITAT held that section 50C of the IT Act did not apply to compute long-term capital gain when a sale occurred through an agreement without registration, directing the AO to calculate the gain based on the sale agreement value. The ITAT also remanded the treatment of gain and loss on shares as business income back to the AO for further examination, emphasizing the distinction between investment and trading portfolios. Moreover, the ITAT reduced the ad hoc disallowance of business expenses from 20% to 10% for fairness in assessment. Case-Laws Income Tax Fri, 09 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212426