https://www.taxtmi.com/caselaws?id=181822 The Tribunal upheld the CIT(A)'s decision to treat the net surplus from the sale of shares as capital gain instead of business income, emphasizing the intention at the time of purchase. The set off of short-term capital loss against current year's gain was allowed as a consequential relief. Regarding the disallowance of expenditure under section 14A, the Tribunal set aside previous orders and directed re-adjudication in line with the Bombay High Court's ruling on Rule 8D. The Revenue's appeal was dismissed, and the assessee's cross-objection was allowed for statistical purposes. en-us Fri, 11 Mar 2011 00:00:00 +0530 Mon, 25 Apr 2016 17:57:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=181822 The Tribunal upheld the CIT(A)'s decision to treat the net surplus from the sale of shares as capital gain instead of business income, emphasizing the intention at the time of purchase. The set off of short-term capital loss against current year's gain was allowed as a consequential relief. Regarding the disallowance of expenditure under section 14A, the Tribunal set aside previous orders and directed re-adjudication in line with the Bombay High Court's ruling on Rule 8D. The Revenue's appeal was dismissed, and the assessee's cross-objection was allowed for statistical purposes. Case-Laws Income Tax Fri, 11 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=181822