https://www.taxtmi.com/caselaws?id=383574 The Tribunal ruled in favor of the assessee on various tax issues. The gains from the sale of shares were treated as capital gains, not business income. Disallowances of interest on borrowed funds for share application money and subsidiaries were deleted due to surplus funds. The automatic disallowance of expenses under section 14A was overturned. Rental income was categorized as income from house property. Prior period expenses were allowed, and the addition for late PF deposit was rejected. The Tribunal stressed the importance of consistent judicial decisions and the AO's need to provide clear grounds for disallowances. en-us Wed, 24 Jul 2019 00:00:00 +0530 Thu, 25 Jul 2019 14:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383574 The Tribunal ruled in favor of the assessee on various tax issues. The gains from the sale of shares were treated as capital gains, not business income. Disallowances of interest on borrowed funds for share application money and subsidiaries were deleted due to surplus funds. The automatic disallowance of expenses under section 14A was overturned. Rental income was categorized as income from house property. Prior period expenses were allowed, and the addition for late PF deposit was rejected. The Tribunal stressed the importance of consistent judicial decisions and the AO's need to provide clear grounds for disallowances. Case-Laws Income Tax Wed, 24 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383574