https://www.taxtmi.com/caselaws?id=219067 The High Court upheld the Income Tax Appellate Tribunal's decision on the addition in the value of securities based on differentiation between permanent and current securities. The Court also affirmed the Tribunal's deletion of the addition on account of appreciation in the value of securities. However, the Court agreed with the assessee on the disallowance of estimated expenditure apportionable to earning income from tax-free securities and remanded the assessment for further consideration. The Court set aside the Tribunal's order on broken period interest and the classification of securities, directing reconsideration. Additionally, the Court confirmed the assessment representing interest paid as undisclosed income and directed reconsideration of the set off of carried forward losses of earlier years. The Tax Case (Appeal) was dismissed with no costs awarded. en-us Tue, 30 Oct 2012 00:00:00 +0530 Tue, 04 Dec 2012 10:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219067 The High Court upheld the Income Tax Appellate Tribunal's decision on the addition in the value of securities based on differentiation between permanent and current securities. The Court also affirmed the Tribunal's deletion of the addition on account of appreciation in the value of securities. However, the Court agreed with the assessee on the disallowance of estimated expenditure apportionable to earning income from tax-free securities and remanded the assessment for further consideration. The Court set aside the Tribunal's order on broken period interest and the classification of securities, directing reconsideration. Additionally, the Court confirmed the assessment representing interest paid as undisclosed income and directed reconsideration of the set off of carried forward losses of earlier years. The Tax Case (Appeal) was dismissed with no costs awarded. Case-Laws Income Tax Tue, 30 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219067