https://www.taxtmi.com/caselaws?id=329455 The Tribunal accepted the revised computation of income by the assessee without a revised return, classifying profits from share transactions as business income. The High Court upheld this decision, finding no substantial question of law. The Court also allowed the interest paid on borrowed funds for business purposes as an allowable expenditure, in line with the treatment of share transaction gains as business income. The appeal was dismissed without costs. en-us Tue, 07 Jun 2016 00:00:00 +0530 Fri, 01 Jul 2016 18:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329455 The Tribunal accepted the revised computation of income by the assessee without a revised return, classifying profits from share transactions as business income. The High Court upheld this decision, finding no substantial question of law. The Court also allowed the interest paid on borrowed funds for business purposes as an allowable expenditure, in line with the treatment of share transaction gains as business income. The appeal was dismissed without costs. Case-Laws Income Tax Tue, 07 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329455