https://www.taxtmi.com/caselaws?id=200467 The High Court held that provisions under sec 41(1) and 28(iv) of the Income Tax Act were not applicable to a private Limited Company's receipt of a substantial remittance from Deutsche Bank. The Assessing Officer's classification of the remitted amount as business income was overturned by the Income Tax Appellate Tribunal. The High Court concurred, remanding the matter for reassessment by the Assessing Officer to determine the portion utilized for purchasing securities. The court also addressed a separate issue regarding the characterization of the company's loss as speculative, granting the company an opportunity to present its case in the reassessment. en-us Fri, 07 Dec 2007 00:00:00 +0530 Thu, 29 Mar 2018 14:58:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=200467 The High Court held that provisions under sec 41(1) and 28(iv) of the Income Tax Act were not applicable to a private Limited Company's receipt of a substantial remittance from Deutsche Bank. The Assessing Officer's classification of the remitted amount as business income was overturned by the Income Tax Appellate Tribunal. The High Court concurred, remanding the matter for reassessment by the Assessing Officer to determine the portion utilized for purchasing securities. The court also addressed a separate issue regarding the characterization of the company's loss as speculative, granting the company an opportunity to present its case in the reassessment. Case-Laws Income Tax Fri, 07 Dec 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=200467