https://www.taxtmi.com/caselaws?id=331075 The High Court partly allowed the assessee's appeal regarding the disallowance under Section 14A of the Income Tax Act. The Court restricted the disallowance and confirmed the application of Rule 8D for interest and administrative expenses allocation. However, the Revenue's appeal was allowed concerning the assessment of income from the sale of shares as business income instead of short-term capital gain. The rejection of the assessee's book results for the Bhilai/Tedessara unit and related depreciation claim were upheld in favor of the Revenue. en-us Thu, 30 Jun 2016 00:00:00 +0530 Fri, 12 Aug 2016 13:20:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331075 The High Court partly allowed the assessee's appeal regarding the disallowance under Section 14A of the Income Tax Act. The Court restricted the disallowance and confirmed the application of Rule 8D for interest and administrative expenses allocation. However, the Revenue's appeal was allowed concerning the assessment of income from the sale of shares as business income instead of short-term capital gain. The rejection of the assessee's book results for the Bhilai/Tedessara unit and related depreciation claim were upheld in favor of the Revenue. Case-Laws Income Tax Thu, 30 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331075