https://www.taxtmi.com/caselaws?id=213480 The Tribunal upheld the CIT(A)'s decision regarding the treatment of business income as capital gains, emphasizing the appellant's intention to hold shares as investments. The Tribunal also provided guidance on the application of Rule 8D for disallowance under section 14A, limiting the disallowance to 1% of exempted income. The revenue's appeal was dismissed, and the assessee's cross objection was partially allowed, with the judgment emphasizing the importance of intention in income determination and the necessity for a reasonable basis for expense attribution to exempt income. en-us Tue, 29 Nov 2011 00:00:00 +0530 Wed, 13 Apr 2016 18:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213480 The Tribunal upheld the CIT(A)'s decision regarding the treatment of business income as capital gains, emphasizing the appellant's intention to hold shares as investments. The Tribunal also provided guidance on the application of Rule 8D for disallowance under section 14A, limiting the disallowance to 1% of exempted income. The revenue's appeal was dismissed, and the assessee's cross objection was partially allowed, with the judgment emphasizing the importance of intention in income determination and the necessity for a reasonable basis for expense attribution to exempt income. Case-Laws Income Tax Tue, 29 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213480