https://www.taxtmi.com/caselaws?id=275433 The Tribunal upheld the CIT(A)'s decision, treating the gain on sale of shares as capital gains rather than business income. The Tribunal also ruled in favor of the assessee regarding the disallowance of expenses under section 40(a)(ia), citing the retrospective nature of the amendment by the Finance Act, 2010. The appeals by the Revenue were dismissed, emphasizing that the disallowance could not be made as the payment to the Government treasury was made before the deadline for filing the return. en-us Fri, 31 Aug 2012 00:00:00 +0530 Mon, 19 Jul 2021 16:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275433 The Tribunal upheld the CIT(A)'s decision, treating the gain on sale of shares as capital gains rather than business income. The Tribunal also ruled in favor of the assessee regarding the disallowance of expenses under section 40(a)(ia), citing the retrospective nature of the amendment by the Finance Act, 2010. The appeals by the Revenue were dismissed, emphasizing that the disallowance could not be made as the payment to the Government treasury was made before the deadline for filing the return. Case-Laws Income Tax Fri, 31 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275433