https://www.taxtmi.com/caselaws?id=350446 The tribunal ruled in favor of the assessee on multiple issues, including disallowance of loss under "Profits and Gains of Business or Profession," treatment of interest income and liquidated damages, classification of rights transferred as a short-term capital asset, and disallowance of business expenses. The tribunal directed the AO to delete the disallowed amount, rework amounts considering relevant factors, treat gains as long-term capital gains, and reevaluate the sale consideration and cost. The appeal was allowed for statistical purposes, highlighting errors in the AO's assessment and the need for a more accurate calculation of capital gains. en-us Fri, 03 Nov 2017 00:00:00 +0530 Mon, 06 Nov 2017 08:49:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350446 The tribunal ruled in favor of the assessee on multiple issues, including disallowance of loss under "Profits and Gains of Business or Profession," treatment of interest income and liquidated damages, classification of rights transferred as a short-term capital asset, and disallowance of business expenses. The tribunal directed the AO to delete the disallowed amount, rework amounts considering relevant factors, treat gains as long-term capital gains, and reevaluate the sale consideration and cost. The appeal was allowed for statistical purposes, highlighting errors in the AO's assessment and the need for a more accurate calculation of capital gains. Case-Laws Income Tax Fri, 03 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350446