https://www.taxtmi.com/caselaws?id=360392 Where an assessee maintains separate investment and trading portfolios and uses own funds for investments, gains from the investment portfolio are assessable as capital gains rather than business income, and the Tribunal followed its earlier decision on identical facts to reject the Revenue's challenge. On the section 14A read with Rule 8D(2)(iii) issue, the disallowance attributable to exempt income was held to have to bear a reasonable relation to actual expenditure incurred, so the Tribunal reduced the disallowance to 20% of total expenses on the facts. The Revenue's ground failed and the assessee obtained partial relief. en-us Tue, 15 May 2018 00:00:00 +0530 Wed, 16 May 2018 06:45:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360392 Where an assessee maintains separate investment and trading portfolios and uses own funds for investments, gains from the investment portfolio are assessable as capital gains rather than business income, and the Tribunal followed its earlier decision on identical facts to reject the Revenue's challenge. On the section 14A read with Rule 8D(2)(iii) issue, the disallowance attributable to exempt income was held to have to bear a reasonable relation to actual expenditure incurred, so the Tribunal reduced the disallowance to 20% of total expenses on the facts. The Revenue's ground failed and the assessee obtained partial relief. Case-Laws Income Tax Tue, 15 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360392