https://www.taxtmi.com/caselaws?id=263889 The High Court allowed the Assessee to present additional evidence and an alternative plea regarding the taxability of short-term capital gains. The Court emphasized the Appellate Authority's power to consider new claims not initially made in the Return of Income. The issue of short-term capital gain taxability was sent back to the Assessing Officer for reevaluation, focusing on the specific year of taxability. The Court also restored the issue of disallowance of depreciation on leased assets for fresh consideration by the Assessing Officer. Ultimately, the Court found no substantial legal questions and dismissed the appeal without costs. en-us Mon, 31 Aug 2015 00:00:00 +0530 Sat, 12 Sep 2015 07:42:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263889 The High Court allowed the Assessee to present additional evidence and an alternative plea regarding the taxability of short-term capital gains. The Court emphasized the Appellate Authority's power to consider new claims not initially made in the Return of Income. The issue of short-term capital gain taxability was sent back to the Assessing Officer for reevaluation, focusing on the specific year of taxability. The Court also restored the issue of disallowance of depreciation on leased assets for fresh consideration by the Assessing Officer. Ultimately, the Court found no substantial legal questions and dismissed the appeal without costs. Case-Laws Income Tax Mon, 31 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263889