https://www.taxtmi.com/caselaws?id=189535 The Tribunal ruled in favor of the assessee in the case, holding that the gross sales proceeds of shares cannot be treated as unexplained cash credit under Section 68 of the Income Tax Act. The Tribunal also directed the Assessing Officer to treat short-term capital gains as such and not as business income. Long-term capital gains were upheld as capital gains, and the disallowance of interest expenses was confirmed. The assessee's appeals regarding sales proceeds and capital gains were allowed, while the revenue's appeal was dismissed. The disallowance of interest expenses for the specific case was partially allowed. en-us Tue, 31 May 2016 00:00:00 +0530 Wed, 11 Jan 2017 20:34:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189535 The Tribunal ruled in favor of the assessee in the case, holding that the gross sales proceeds of shares cannot be treated as unexplained cash credit under Section 68 of the Income Tax Act. The Tribunal also directed the Assessing Officer to treat short-term capital gains as such and not as business income. Long-term capital gains were upheld as capital gains, and the disallowance of interest expenses was confirmed. The assessee's appeals regarding sales proceeds and capital gains were allowed, while the revenue's appeal was dismissed. The disallowance of interest expenses for the specific case was partially allowed. Case-Laws Income Tax Tue, 31 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189535