https://www.taxtmi.com/caselaws?id=263285 The Tribunal ruled in favor of the appellant for both Assessment Year 2007-08 and 2008-09. It held that Short Term Capital Gains (STCG) should be assessed as such, not as business income, based on maintaining separate portfolios. The disallowance of foreign travel expenses was overturned, considering them as revenue expenses for expanding business activities. Additionally, the disallowance under Section 14A was reduced to the initially disallowed amount. The Tribunal directed the Assessing Officer to conduct proper assessments in accordance with its findings. en-us Wed, 19 Aug 2015 00:00:00 +0530 Mon, 09 Nov 2015 17:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263285 The Tribunal ruled in favor of the appellant for both Assessment Year 2007-08 and 2008-09. It held that Short Term Capital Gains (STCG) should be assessed as such, not as business income, based on maintaining separate portfolios. The disallowance of foreign travel expenses was overturned, considering them as revenue expenses for expanding business activities. Additionally, the disallowance under Section 14A was reduced to the initially disallowed amount. The Tribunal directed the Assessing Officer to conduct proper assessments in accordance with its findings. Case-Laws Income Tax Wed, 19 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263285