https://www.taxtmi.com/caselaws?id=177082 The ITAT upheld the CIT(A)'s decisions in a tax case involving disallowance under Section 14A and the classification of gains from shares. The disallowance under Section 14A was deleted as investments were made from interest-free funds, not interest-bearing funds as claimed by the Revenue. The gains from shares were correctly treated as capital gains, not business income, based on the nature of transactions and intent. The ITAT dismissed the Revenue's appeal and the assessee's cross-objection regarding interest disallowance, emphasizing the need for substantiating claims with evidence in tax assessments. en-us Fri, 04 Sep 2009 00:00:00 +0530 Mon, 25 Sep 2023 10:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177082 The ITAT upheld the CIT(A)'s decisions in a tax case involving disallowance under Section 14A and the classification of gains from shares. The disallowance under Section 14A was deleted as investments were made from interest-free funds, not interest-bearing funds as claimed by the Revenue. The gains from shares were correctly treated as capital gains, not business income, based on the nature of transactions and intent. The ITAT dismissed the Revenue's appeal and the assessee's cross-objection regarding interest disallowance, emphasizing the need for substantiating claims with evidence in tax assessments. Case-Laws Income Tax Fri, 04 Sep 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177082