https://www.taxtmi.com/caselaws?id=189810 The appeal in ITA No.18/Mum/2004 involved the disallowance of legal expenses and the assessment of surplus on sale of shares as business income. The Tribunal directed a fresh consideration by the Assessing Officer on the legal expenses issue and restoration of the share sale issue for verification. The appeal was allowed for statistical purposes. In ITA No.7424/Mum/2005, the penalty imposed under section 271(1)(c) was cancelled due to the restoration of the underlying assessment issue in ITA No.18/Mum/2004. Ultimately, both appeals were allowed in favor of the assessee. en-us Fri, 30 Apr 2010 00:00:00 +0530 Sat, 21 Jan 2017 16:38:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189810 The appeal in ITA No.18/Mum/2004 involved the disallowance of legal expenses and the assessment of surplus on sale of shares as business income. The Tribunal directed a fresh consideration by the Assessing Officer on the legal expenses issue and restoration of the share sale issue for verification. The appeal was allowed for statistical purposes. In ITA No.7424/Mum/2005, the penalty imposed under section 271(1)(c) was cancelled due to the restoration of the underlying assessment issue in ITA No.18/Mum/2004. Ultimately, both appeals were allowed in favor of the assessee. Case-Laws Income Tax Fri, 30 Apr 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189810