https://www.taxtmi.com/caselaws?id=184502 The Income Tax Appellate Tribunal (ITAT) ruled in favor of the appellant, overturning the First Appellate Authority's decision. The ITAT held that profits from share transactions through Portfolio Management Services (PMS) should be treated as capital gains, not business income. Additionally, the ITAT found a violation of natural justice in the FAA's directions regarding the disallowance of capital gains under section 10(38) and reversed the decision, granting relief to the appellant on the issue of charging interest under sections 234B and 234C of the Income Tax Act. en-us Wed, 13 Nov 2013 00:00:00 +0530 Wed, 05 Oct 2016 12:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184502 The Income Tax Appellate Tribunal (ITAT) ruled in favor of the appellant, overturning the First Appellate Authority's decision. The ITAT held that profits from share transactions through Portfolio Management Services (PMS) should be treated as capital gains, not business income. Additionally, the ITAT found a violation of natural justice in the FAA's directions regarding the disallowance of capital gains under section 10(38) and reversed the decision, granting relief to the appellant on the issue of charging interest under sections 234B and 234C of the Income Tax Act. Case-Laws Income Tax Wed, 13 Nov 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184502