https://www.taxtmi.com/caselaws?id=402483 The Tribunal upheld the reclassification of profit on sale of HTM securities as Business Income, dismissing the assessee's appeal. Consequently, the claim for carrying forward capital loss was also denied. However, the Tribunal directed the deletion of disallowances under sections 14A and 40A(3), citing precedents and judicial decisions. The penalty under section 271(1)(c) was set aside due to jurisdictional issues. The Tribunal's decision resulted in a mixed outcome for the assessee, with some disallowances upheld and others relieved. en-us Thu, 15 Oct 2020 00:00:00 +0530 Sat, 02 Jan 2021 11:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402483 The Tribunal upheld the reclassification of profit on sale of HTM securities as Business Income, dismissing the assessee's appeal. Consequently, the claim for carrying forward capital loss was also denied. However, the Tribunal directed the deletion of disallowances under sections 14A and 40A(3), citing precedents and judicial decisions. The penalty under section 271(1)(c) was set aside due to jurisdictional issues. The Tribunal's decision resulted in a mixed outcome for the assessee, with some disallowances upheld and others relieved. Case-Laws Income Tax Thu, 15 Oct 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402483