https://www.taxtmi.com/caselaws?id=345633 The note addresses two tax issues: characterization of income as short-term capital gain, long-term capital gain and long-term capital loss, and the disallowance of interest expenditure. The appeal was admitted on the first question, indicating that the treatment of income raised a substantial question of law. On the second issue, advances made for business exigencies to facilitate acquisition of assets were treated as commercially connected to business, and the Tribunal's view that the related interest expenditure was not liable to disallowance was left undisturbed. The second question was not taken up for consideration. en-us Mon, 17 Jul 2017 00:00:00 +0530 Sat, 22 Jul 2017 08:27:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=345633 The note addresses two tax issues: characterization of income as short-term capital gain, long-term capital gain and long-term capital loss, and the disallowance of interest expenditure. The appeal was admitted on the first question, indicating that the treatment of income raised a substantial question of law. On the second issue, advances made for business exigencies to facilitate acquisition of assets were treated as commercially connected to business, and the Tribunal's view that the related interest expenditure was not liable to disallowance was left undisturbed. The second question was not taken up for consideration. Case-Laws Income Tax Mon, 17 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=345633