https://www.taxtmi.com/caselaws?id=265475 The Court upheld the Tribunal's decision that gains from the purchase and sale of shares and mutual funds by the respondent should be treated as Long Term Capital gains, not business income. The Court agreed that the respondent maintained separate portfolios for trading and investment, as permitted by CBDT circular No.4/2007, and valued shares accordingly. Additionally, the Court dismissed the appeal by the Revenue regarding the disallowance made under Section 14A of the Income Tax Act, as it aligned with the precedent set by the Bombay High Court. en-us Fri, 21 Aug 2015 00:00:00 +0530 Mon, 12 Oct 2015 06:13:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=265475 The Court upheld the Tribunal's decision that gains from the purchase and sale of shares and mutual funds by the respondent should be treated as Long Term Capital gains, not business income. The Court agreed that the respondent maintained separate portfolios for trading and investment, as permitted by CBDT circular No.4/2007, and valued shares accordingly. Additionally, the Court dismissed the appeal by the Revenue regarding the disallowance made under Section 14A of the Income Tax Act, as it aligned with the precedent set by the Bombay High Court. Case-Laws Income Tax Fri, 21 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=265475