https://www.taxtmi.com/caselaws?id=350493 The Tribunal ruled in favor of the assessee, directing the AO to classify the income from the sale of shares as short-term capital gains rather than business income. Additionally, the Tribunal allowed the interest paid on borrowed funds as a legitimate cost of acquisition for shares, overturning the disallowance by the CIT(A). The decision emphasized consistency in treatment of similar transactions and recognized the interest expense as directly attributable to the acquisition of shares, resulting in a favorable outcome for the assessee. en-us Wed, 11 Oct 2017 00:00:00 +0530 Mon, 06 Nov 2017 16:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350493 The Tribunal ruled in favor of the assessee, directing the AO to classify the income from the sale of shares as short-term capital gains rather than business income. Additionally, the Tribunal allowed the interest paid on borrowed funds as a legitimate cost of acquisition for shares, overturning the disallowance by the CIT(A). The decision emphasized consistency in treatment of similar transactions and recognized the interest expense as directly attributable to the acquisition of shares, resulting in a favorable outcome for the assessee. Case-Laws Income Tax Wed, 11 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350493