https://www.taxtmi.com/caselaws?id=253080 The Tribunal upheld the CIT(A)'s findings that the reopening of assessment under section 147 was invalid as it lacked tangible material indicating income escapement beyond four years. Additionally, the Tribunal agreed with the CIT(A) that the gains from share transactions should be classified as capital gains, contrary to the department's argument of business income based on frequent trading activities. The Tribunal dismissed the department's appeals and allowed the assessee's appeal, affirming the treatment of share transaction gains as capital gains. en-us Wed, 05 Nov 2014 00:00:00 +0530 Fri, 14 Nov 2014 06:20:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253080 The Tribunal upheld the CIT(A)'s findings that the reopening of assessment under section 147 was invalid as it lacked tangible material indicating income escapement beyond four years. Additionally, the Tribunal agreed with the CIT(A) that the gains from share transactions should be classified as capital gains, contrary to the department's argument of business income based on frequent trading activities. The Tribunal dismissed the department's appeals and allowed the assessee's appeal, affirming the treatment of share transaction gains as capital gains. Case-Laws Income Tax Wed, 05 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253080