https://www.taxtmi.com/caselaws?id=10799 The High Court ruled in favor of the Revenue and against the assessee in a case involving the rejection of business expenses and the determination of capital gains. The court upheld the decisions of the Tribunal, stating that the claimed business expenses were not deductible as the applicant was not conducting any business during the assessment year. Additionally, the surplus amount from the acquisition of shares was deemed as capital gains chargeable under the Income-tax Act, rejecting the applicant's argument of suffering a loss due to receiving shares instead of cash. en-us Thu, 12 Aug 2004 00:00:00 +0530 Sat, 25 Jul 2009 10:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10799 The High Court ruled in favor of the Revenue and against the assessee in a case involving the rejection of business expenses and the determination of capital gains. The court upheld the decisions of the Tribunal, stating that the claimed business expenses were not deductible as the applicant was not conducting any business during the assessment year. Additionally, the surplus amount from the acquisition of shares was deemed as capital gains chargeable under the Income-tax Act, rejecting the applicant's argument of suffering a loss due to receiving shares instead of cash. Case-Laws Income Tax Thu, 12 Aug 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10799