https://www.taxtmi.com/caselaws?id=339879 The Tribunal ruled in favor of the assessee, determining that the income from the sale of shares should be classified as capital gains rather than business income. The Tribunal emphasized the intention of the assessee at the time of acquiring the shares, noting they were purchased from surplus funds and consistently shown as investments. Additionally, the Tribunal referred to relevant guidelines and previous acceptance of similar gains as capital gains. However, the disallowance under Section 14A was upheld, following the decision in Godrej Boyce Company Ltd. Vs. DCIT. The appeal was partially allowed, aligning with the assessee on the classification of income from share sales. en-us Mon, 06 Mar 2017 00:00:00 +0530 Thu, 09 Mar 2017 08:36:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339879 The Tribunal ruled in favor of the assessee, determining that the income from the sale of shares should be classified as capital gains rather than business income. The Tribunal emphasized the intention of the assessee at the time of acquiring the shares, noting they were purchased from surplus funds and consistently shown as investments. Additionally, the Tribunal referred to relevant guidelines and previous acceptance of similar gains as capital gains. However, the disallowance under Section 14A was upheld, following the decision in Godrej Boyce Company Ltd. Vs. DCIT. The appeal was partially allowed, aligning with the assessee on the classification of income from share sales. Case-Laws Income Tax Mon, 06 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339879