https://www.taxtmi.com/caselaws?id=179282 The Tribunal upheld the classification of income from the sale of shares and mutual funds as short-term capital gains, rejecting the assessee's argument for treating it as business income. The commission paid to the whole-time director was deemed allowable as a business expense, to be considered based on total income including capital gains. However, the disallowance of business loss on the sale of investments was upheld as a capital loss. The disallowance of estimated expenses was deemed unjustified, and the Tribunal allowed this ground of appeal. The Tribunal directed the Assessing Officer to recompute the income in light of these decisions. en-us Fri, 14 Dec 2012 00:00:00 +0530 Thu, 25 Feb 2016 12:36:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179282 The Tribunal upheld the classification of income from the sale of shares and mutual funds as short-term capital gains, rejecting the assessee's argument for treating it as business income. The commission paid to the whole-time director was deemed allowable as a business expense, to be considered based on total income including capital gains. However, the disallowance of business loss on the sale of investments was upheld as a capital loss. The disallowance of estimated expenses was deemed unjustified, and the Tribunal allowed this ground of appeal. The Tribunal directed the Assessing Officer to recompute the income in light of these decisions. Case-Laws Income Tax Fri, 14 Dec 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179282