https://www.taxtmi.com/caselaws?id=184382 The court dismissed the revenue appeal under Section 260A of the Income Tax Act, 1961, regarding the classification of income as short term capital gain or business income. The court upheld the ITAT's decision in favor of the respondent, a non-banking finance company, based on the substantial holding period of the shares. It emphasized that income from the liquidation of investments can be classified as short term capital gain, citing relevant case law. The court directed the AO to examine expenditure claims in accordance with the ITAT's order, considering both income classifications. en-us Fri, 30 Jan 2015 00:00:00 +0530 Thu, 07 Jul 2016 11:28:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184382 The court dismissed the revenue appeal under Section 260A of the Income Tax Act, 1961, regarding the classification of income as short term capital gain or business income. The court upheld the ITAT's decision in favor of the respondent, a non-banking finance company, based on the substantial holding period of the shares. It emphasized that income from the liquidation of investments can be classified as short term capital gain, citing relevant case law. The court directed the AO to examine expenditure claims in accordance with the ITAT's order, considering both income classifications. Case-Laws Income Tax Fri, 30 Jan 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184382