https://www.taxtmi.com/caselaws?id=267611 The Tribunal upheld the classification of income from the sale of shares as capital gains, rejecting the Assessing Officer's treatment of the gains as business income. Additionally, the Tribunal allowed the deduction of interest expenditure related to overdraft accounts against interest income from fixed deposits, following the principle of netting established in relevant case law. The Tribunal affirmed the CIT(A)'s decisions, directing the AO to verify and allow the interest expenditure claims, ultimately dismissing the Revenue's appeals and supporting the assessee's position. en-us Wed, 30 Sep 2015 00:00:00 +0530 Mon, 09 Nov 2015 21:44:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267611 The Tribunal upheld the classification of income from the sale of shares as capital gains, rejecting the Assessing Officer's treatment of the gains as business income. Additionally, the Tribunal allowed the deduction of interest expenditure related to overdraft accounts against interest income from fixed deposits, following the principle of netting established in relevant case law. The Tribunal affirmed the CIT(A)'s decisions, directing the AO to verify and allow the interest expenditure claims, ultimately dismissing the Revenue's appeals and supporting the assessee's position. Case-Laws Income Tax Wed, 30 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267611