https://www.taxtmi.com/caselaws?id=242615 The Appellate Tribunal ITAT Pune ruled in favor of the assessee regarding the correct head of income for taxing profit on sales of units of mutual funds. The Tribunal held that profits from the sale of securities and units should be classified under 'capital gains' and not 'profits and gains from business or profession.' Additionally, the Tribunal directed the Assessing Officer to reassess the disallowance in accordance with the judgment of the Bombay High Court, emphasizing the need for a proper consideration of the assessee's arguments and a speaking order. The Tribunal partially allowed the appeal, ensuring a fair resolution of the case. en-us Tue, 31 May 2011 00:00:00 +0530 Sun, 19 Jan 2014 09:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242615 The Appellate Tribunal ITAT Pune ruled in favor of the assessee regarding the correct head of income for taxing profit on sales of units of mutual funds. The Tribunal held that profits from the sale of securities and units should be classified under 'capital gains' and not 'profits and gains from business or profession.' Additionally, the Tribunal directed the Assessing Officer to reassess the disallowance in accordance with the judgment of the Bombay High Court, emphasizing the need for a proper consideration of the assessee's arguments and a speaking order. The Tribunal partially allowed the appeal, ensuring a fair resolution of the case. Case-Laws Income Tax Tue, 31 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242615