https://www.taxtmi.com/caselaws?id=385541 The Tribunal ruled that income from the sale of paintings by the assessee, a professional photographer, should be treated as a capital receipt and not business income as there was no evidence of a regular business activity in trading paintings. Additionally, the Tribunal remanded the issue of undisclosed income from the sale of shares back to the Commissioner for fresh adjudication, noting procedural deficiencies in enhancing the income without providing the assessee an opportunity to be heard. The appeal was allowed in one case and partly allowed in the other, highlighting the significance of following proper procedures and presenting evidence in tax assessments. en-us Wed, 04 Sep 2019 00:00:00 +0530 Sat, 07 Sep 2019 06:55:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=385541 The Tribunal ruled that income from the sale of paintings by the assessee, a professional photographer, should be treated as a capital receipt and not business income as there was no evidence of a regular business activity in trading paintings. Additionally, the Tribunal remanded the issue of undisclosed income from the sale of shares back to the Commissioner for fresh adjudication, noting procedural deficiencies in enhancing the income without providing the assessee an opportunity to be heard. The appeal was allowed in one case and partly allowed in the other, highlighting the significance of following proper procedures and presenting evidence in tax assessments. Case-Laws Income Tax Wed, 04 Sep 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=385541