https://www.taxtmi.com/caselaws?id=372556 The Tribunal ruled in favor of the assessee, treating the income from the sale of shares as capital gains rather than business income. It allowed the deduction under section 80IA, agreeing with the assessee's entitlement to the claim without setting off losses/unabsorbed depreciation. The Tribunal upheld the deletion of penalties under section 271(1)(c), emphasizing the absence of specific prohibitions in the Income Tax Act regarding stock-in-trade conversion and recognizing the bona fide nature of the assessee's claims. en-us Thu, 20 Dec 2018 00:00:00 +0530 Tue, 25 Dec 2018 08:25:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372556 The Tribunal ruled in favor of the assessee, treating the income from the sale of shares as capital gains rather than business income. It allowed the deduction under section 80IA, agreeing with the assessee's entitlement to the claim without setting off losses/unabsorbed depreciation. The Tribunal upheld the deletion of penalties under section 271(1)(c), emphasizing the absence of specific prohibitions in the Income Tax Act regarding stock-in-trade conversion and recognizing the bona fide nature of the assessee's claims. Case-Laws Income Tax Thu, 20 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372556