https://www.taxtmi.com/caselaws?id=335230 The ITAT Mumbai allowed the appeal for the assessment year 2008-09, ruling in favor of the assessee on both issues. The classification of income was deemed as "Profit and Gains from Business or Profession" instead of "Income from other sources" due to the nature of the activities conducted. Additionally, the treatment of business loss on the sale of securities was remanded to the CIT(A) for a reevaluation with proper opportunity for the assessee to present their case, emphasizing the importance of adhering to principles of natural justice. en-us Fri, 07 Oct 2016 00:00:00 +0530 Sat, 26 Nov 2016 22:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335230 The ITAT Mumbai allowed the appeal for the assessment year 2008-09, ruling in favor of the assessee on both issues. The classification of income was deemed as "Profit and Gains from Business or Profession" instead of "Income from other sources" due to the nature of the activities conducted. Additionally, the treatment of business loss on the sale of securities was remanded to the CIT(A) for a reevaluation with proper opportunity for the assessee to present their case, emphasizing the importance of adhering to principles of natural justice. Case-Laws Income Tax Fri, 07 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335230