https://www.taxtmi.com/caselaws?id=255955 Section 14A disallowance linked to exempt dividend income was confined to the exempt income, as expenditure disallowance cannot be disproportionate to the tax-free receipt and cannot operate where no exempt income exists. On the share transactions, the surplus was assessed as capital gains because the surrounding facts showed investment activity rather than trading, including delivery-based deals, limited frequency, holding period, separate investment accounts, and absence of day trading or derivatives. The Revenue's challenge to capital gains treatment failed, while the assessee obtained relief on the disallowance issue. en-us Wed, 28 Jan 2015 00:00:00 +0530 Sat, 31 Jan 2015 13:02:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=255955 Section 14A disallowance linked to exempt dividend income was confined to the exempt income, as expenditure disallowance cannot be disproportionate to the tax-free receipt and cannot operate where no exempt income exists. On the share transactions, the surplus was assessed as capital gains because the surrounding facts showed investment activity rather than trading, including delivery-based deals, limited frequency, holding period, separate investment accounts, and absence of day trading or derivatives. The Revenue's challenge to capital gains treatment failed, while the assessee obtained relief on the disallowance issue. Case-Laws Income Tax Wed, 28 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=255955