https://www.taxtmi.com/caselaws?id=243087 The ITAT upheld the classification of short term capital gain as business income for A.Y. 2007-08, emphasizing the intention to derive regular income from transactions. The ITAT directed the AO to recompute the profit from share transactions as business income, allowing direct expenses and valuing stock at cost or market price. The issue of disallowance under section 14A was restored back to the AO for reasonable determination without applying Rule 8D. The appeal was partially allowed for statistical purposes, ensuring compliance with legal provisions and a fair assessment process. en-us Wed, 31 Jul 2013 00:00:00 +0530 Sat, 25 Jan 2014 19:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=243087 The ITAT upheld the classification of short term capital gain as business income for A.Y. 2007-08, emphasizing the intention to derive regular income from transactions. The ITAT directed the AO to recompute the profit from share transactions as business income, allowing direct expenses and valuing stock at cost or market price. The issue of disallowance under section 14A was restored back to the AO for reasonable determination without applying Rule 8D. The appeal was partially allowed for statistical purposes, ensuring compliance with legal provisions and a fair assessment process. Case-Laws Income Tax Wed, 31 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=243087