https://www.taxtmi.com/caselaws?id=183349 The Tribunal upheld the Commissioner of Income Tax (Appeals) decision, treating share transactions as capital gains rather than business income. The addition of Rs. 2,06,40,971 as business income was deleted, with the Tribunal confirming that the loss from share transactions should not be considered business income. Section 94(8) of the Income Tax Act, 1961 was found inapplicable to shares, supporting the assessee's claim. Procedural objections regarding the reopening of assessment under Section 148 were not addressed due to the favorable substantive outcome for the assessee. The Revenue's appeal was dismissed. en-us Fri, 20 Sep 2013 00:00:00 +0530 Mon, 08 Aug 2022 15:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183349 The Tribunal upheld the Commissioner of Income Tax (Appeals) decision, treating share transactions as capital gains rather than business income. The addition of Rs. 2,06,40,971 as business income was deleted, with the Tribunal confirming that the loss from share transactions should not be considered business income. Section 94(8) of the Income Tax Act, 1961 was found inapplicable to shares, supporting the assessee's claim. Procedural objections regarding the reopening of assessment under Section 148 were not addressed due to the favorable substantive outcome for the assessee. The Revenue's appeal was dismissed. Case-Laws Income Tax Fri, 20 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183349