https://www.taxtmi.com/caselaws?id=179281 The High Court upheld the CIT(A)'s decision to treat income as Short Term Capital Gains instead of business income for AY 2005-06. The court considered the nature of transactions, holding period of shares, and separate portfolios for trading and investment held by the assessee. The Revenue's appeal was dismissed, affirming the treatment of income as Short Term Capital Gains. Additionally, the court confirmed the disallowance under section 14A of the Act on an estimated basis and the addition for interest income on fixed deposits, leading to the dismissal of the assessee's cross objections. en-us Wed, 16 Jan 2013 00:00:00 +0530 Wed, 13 Apr 2016 17:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179281 The High Court upheld the CIT(A)'s decision to treat income as Short Term Capital Gains instead of business income for AY 2005-06. The court considered the nature of transactions, holding period of shares, and separate portfolios for trading and investment held by the assessee. The Revenue's appeal was dismissed, affirming the treatment of income as Short Term Capital Gains. Additionally, the court confirmed the disallowance under section 14A of the Act on an estimated basis and the addition for interest income on fixed deposits, leading to the dismissal of the assessee's cross objections. Case-Laws Income Tax Wed, 16 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179281