https://www.taxtmi.com/caselaws?id=326526 The High Court upheld the disallowance of interest expenditure incurred by the appellant for business purposes, ruling in favor of the revenue. It also determined that the sale of tea estates should be treated as a transaction subject to capital gains, dismissing the assessee's appeal. However, the Court found in favor of the assessee regarding the computation of short term capital gains on the sale of plant and machinery of the tea estates, clarifying the application of relevant sections and the concept of block of assets. en-us Thu, 07 Apr 2016 00:00:00 +0530 Thu, 17 Nov 2016 12:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326526 The High Court upheld the disallowance of interest expenditure incurred by the appellant for business purposes, ruling in favor of the revenue. It also determined that the sale of tea estates should be treated as a transaction subject to capital gains, dismissing the assessee's appeal. However, the Court found in favor of the assessee regarding the computation of short term capital gains on the sale of plant and machinery of the tea estates, clarifying the application of relevant sections and the concept of block of assets. Case-Laws Income Tax Thu, 07 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326526