https://www.taxtmi.com/caselaws?id=250023 The appellate tribunal upheld the disallowance under section 14A of the Income Tax Act, emphasizing the lack of direct correspondence between expenditure and income earning. Additionally, the tribunal found that the tax-exempt income exceeded the disallowance amount significantly. Regarding the assessment of income returned as short term capital gain (STCG) as business income, the tribunal agreed with the assessing officer's determination based on holding periods of shares. The tribunal directed the Commissioner of Income Tax (Appeals) to reconsider the assessment in accordance with the law, allowing the assessee a reasonable opportunity to present its case. en-us Mon, 30 Jun 2014 00:00:00 +0530 Thu, 31 Jul 2014 15:01:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=250023 The appellate tribunal upheld the disallowance under section 14A of the Income Tax Act, emphasizing the lack of direct correspondence between expenditure and income earning. Additionally, the tribunal found that the tax-exempt income exceeded the disallowance amount significantly. Regarding the assessment of income returned as short term capital gain (STCG) as business income, the tribunal agreed with the assessing officer's determination based on holding periods of shares. The tribunal directed the Commissioner of Income Tax (Appeals) to reconsider the assessment in accordance with the law, allowing the assessee a reasonable opportunity to present its case. Case-Laws Income Tax Mon, 30 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=250023