https://www.taxtmi.com/caselaws?id=339581 The ITAT Kolkata dismissed the Revenue's appeal challenging the treatment of a loss as 'business loss' instead of 'capital loss' for the assessment year 2008-09. The tribunal upheld the CIT(A)'s decision, emphasizing the consistent treatment of transactions as business activities by the assessee, in line with CBDT Circular No. 6/2016. The historical treatment of profits from investments as business income supported the conclusion that the loss was incurred in the course of the assessee's business activities. Consequently, the appeal was dismissed, affirming the characterization of the loss as a 'business loss'. en-us Wed, 22 Feb 2017 00:00:00 +0530 Thu, 02 Mar 2017 07:58:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339581 The ITAT Kolkata dismissed the Revenue's appeal challenging the treatment of a loss as 'business loss' instead of 'capital loss' for the assessment year 2008-09. The tribunal upheld the CIT(A)'s decision, emphasizing the consistent treatment of transactions as business activities by the assessee, in line with CBDT Circular No. 6/2016. The historical treatment of profits from investments as business income supported the conclusion that the loss was incurred in the course of the assessee's business activities. Consequently, the appeal was dismissed, affirming the characterization of the loss as a 'business loss'. Case-Laws Income Tax Wed, 22 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339581