https://www.taxtmi.com/caselaws?id=169128 The ITAT Chennai partially allowed the appeal, rejecting the disallowance under sec.14A for expenditure related to earning exempted income, while ruling in favor of the assessee regarding the treatment of short term capital gains as business income. The judgment highlighted the composite nature of the assessee's activities as a share broker and investor, emphasizing the clear intention of holding shares as investments. The ITAT directed the Assessing Officer to treat the short term capital gains as such and levy tax at the lower rate, providing detailed reasoning for its decision. en-us Thu, 05 Jun 2014 00:00:00 +0530 Mon, 06 Apr 2015 21:53:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169128 The ITAT Chennai partially allowed the appeal, rejecting the disallowance under sec.14A for expenditure related to earning exempted income, while ruling in favor of the assessee regarding the treatment of short term capital gains as business income. The judgment highlighted the composite nature of the assessee's activities as a share broker and investor, emphasizing the clear intention of holding shares as investments. The ITAT directed the Assessing Officer to treat the short term capital gains as such and levy tax at the lower rate, providing detailed reasoning for its decision. Case-Laws Income Tax Thu, 05 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169128