https://www.taxtmi.com/caselaws?id=186185 The ITAT allowed the assessee's appeals in part for assessment years 2004-05, 2005-06, and 2006-07. It found that the AO's disallowances lacked proper verification of expenses and directed retaining only 25% of the disallowances while deleting the rest based on details provided during scrutiny. The disallowance of deduction u/s 80IA was upheld, but trading additions were reduced. The ITAT also rejected treating short term capital gains on share sales as business income for all years. The decisions for AY 2005-06 and 2006-07 mirrored that of AY 2004-05. en-us Wed, 06 Apr 2011 00:00:00 +0530 Fri, 09 Sep 2016 14:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186185 The ITAT allowed the assessee's appeals in part for assessment years 2004-05, 2005-06, and 2006-07. It found that the AO's disallowances lacked proper verification of expenses and directed retaining only 25% of the disallowances while deleting the rest based on details provided during scrutiny. The disallowance of deduction u/s 80IA was upheld, but trading additions were reduced. The ITAT also rejected treating short term capital gains on share sales as business income for all years. The decisions for AY 2005-06 and 2006-07 mirrored that of AY 2004-05. Case-Laws Income Tax Wed, 06 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186185