https://www.taxtmi.com/caselaws?id=366164 The Tribunal upheld the Assessing Officer's decision to classify the income from the sale of shares as 'business income' due to the assessee's trading intent shown by high frequency and volume of transactions. The Tribunal directed the AO to recompute the disallowance under section 14A in accordance with relevant case law. The issue of penalty proceedings under section 271(1)(c) was deemed premature and not adjudicated. en-us Thu, 23 Aug 2018 00:00:00 +0530 Thu, 30 Aug 2018 07:58:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366164 The Tribunal upheld the Assessing Officer's decision to classify the income from the sale of shares as 'business income' due to the assessee's trading intent shown by high frequency and volume of transactions. The Tribunal directed the AO to recompute the disallowance under section 14A in accordance with relevant case law. The issue of penalty proceedings under section 271(1)(c) was deemed premature and not adjudicated. Case-Laws Income Tax Thu, 23 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366164