https://www.taxtmi.com/caselaws?id=256945 The Tribunal upheld the reopening of assessment under section 147 for the assessment year 2006-07 based on valid reasons to believe that income had escaped assessment. The income from the sale of shares was treated as business income rather than capital gains due to factors like high transaction frequency and short holding periods. The Tribunal allowed the deduction for diminution in the value of shares and directed consideration of expenses related to sale transactions. The disallowance under section 40(a)(ia) for shortfall in deduction of tax at source was overturned. en-us Fri, 08 Aug 2014 00:00:00 +0530 Thu, 26 Feb 2015 05:33:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256945 The Tribunal upheld the reopening of assessment under section 147 for the assessment year 2006-07 based on valid reasons to believe that income had escaped assessment. The income from the sale of shares was treated as business income rather than capital gains due to factors like high transaction frequency and short holding periods. The Tribunal allowed the deduction for diminution in the value of shares and directed consideration of expenses related to sale transactions. The disallowance under section 40(a)(ia) for shortfall in deduction of tax at source was overturned. Case-Laws Income Tax Fri, 08 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256945