https://www.taxtmi.com/caselaws?id=221842 Frequent share transactions, multiple brokers, short holding periods, commodity and F&O activity, and immediate sale of IPO allotments were treated as systematic trading, so the receipts were assessed as business income rather than short-term capital gains. Depreciation on oxygen-business machinery was allowed because the unit had earlier existed, production stoppage was temporary, and the assets were kept ready for use within the block-of-assets regime. A section 14A disallowance could not be mechanically computed under rule 8D for the relevant earlier year, so the matter was remitted for reasonable recomputation. Penalty under section 271E was deleted because a genuine journal adjustment against share sale proceeds involved no cash repayment and did not attract section 269T. en-us Fri, 15 Feb 2013 00:00:00 +0530 Tue, 02 Apr 2013 06:26:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=221842 Frequent share transactions, multiple brokers, short holding periods, commodity and F&O activity, and immediate sale of IPO allotments were treated as systematic trading, so the receipts were assessed as business income rather than short-term capital gains. Depreciation on oxygen-business machinery was allowed because the unit had earlier existed, production stoppage was temporary, and the assets were kept ready for use within the block-of-assets regime. A section 14A disallowance could not be mechanically computed under rule 8D for the relevant earlier year, so the matter was remitted for reasonable recomputation. Penalty under section 271E was deleted because a genuine journal adjustment against share sale proceeds involved no cash repayment and did not attract section 269T. Case-Laws Income Tax Fri, 15 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221842