https://www.taxtmi.com/caselaws?id=221842 The Assessee's appeal was partly allowed, specifically on the issue of depreciation. The Revenue's appeal was dismissed, and the Cross Objection by the Assessee was also dismissed. The treatment of Short Term Capital Gains as business income was upheld due to the nature of transactions, disallowance of depreciation was reversed based on machinery readiness, disallowance under Section 14A was remitted for proper computation, and penalty under Section 271E was deleted for lack of cash repayment and genuineness of the transaction. 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 The Assessee's appeal was partly allowed, specifically on the issue of depreciation. The Revenue's appeal was dismissed, and the Cross Objection by the Assessee was also dismissed. The treatment of Short Term Capital Gains as business income was upheld due to the nature of transactions, disallowance of depreciation was reversed based on machinery readiness, disallowance under Section 14A was remitted for proper computation, and penalty under Section 271E was deleted for lack of cash repayment and genuineness of the transaction. Case-Laws Income Tax Fri, 15 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=221842