https://www.taxtmi.com/caselaws?id=244012 The Tribunal upheld the CIT(A)'s decision to classify profit from the sale of shares as long term capital gains, granting exemption under Sec. 10(38) of the Income Tax Act. The revenue's appeal was dismissed as the assets were held for more than twelve months. Regarding the disallowance of expenses under section 14A, the Tribunal allowed the assessee's Cross Objection, directing the AO not to disallow any further amount beyond what the assessee had already disallowed, resulting in the deletion of the entire addition made by the AO. en-us Thu, 13 Feb 2014 00:00:00 +0530 Mon, 17 Feb 2014 06:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244012 The Tribunal upheld the CIT(A)'s decision to classify profit from the sale of shares as long term capital gains, granting exemption under Sec. 10(38) of the Income Tax Act. The revenue's appeal was dismissed as the assets were held for more than twelve months. Regarding the disallowance of expenses under section 14A, the Tribunal allowed the assessee's Cross Objection, directing the AO not to disallow any further amount beyond what the assessee had already disallowed, resulting in the deletion of the entire addition made by the AO. Case-Laws Income Tax Thu, 13 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244012