https://www.taxtmi.com/caselaws?id=293239 The shares initially classified as stock-in-trade and later converted into investments were deemed by the ITAT to be investments, resulting in the gains being treated as long-term capital gains. The disallowance of telephone expenses for personal use was upheld due to the lack of pressing the issue before the ITAT. The appeal was partly allowed, directing the AO to assess the profit on sale of shares as capital gains. en-us Wed, 02 Sep 2009 00:00:00 +0530 Mon, 01 Feb 2021 16:50:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293239 The shares initially classified as stock-in-trade and later converted into investments were deemed by the ITAT to be investments, resulting in the gains being treated as long-term capital gains. The disallowance of telephone expenses for personal use was upheld due to the lack of pressing the issue before the ITAT. The appeal was partly allowed, directing the AO to assess the profit on sale of shares as capital gains. Case-Laws Income Tax Wed, 02 Sep 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293239