https://www.taxtmi.com/caselaws?id=406057 The Tribunal allowed the appellant's appeal, ruling in favor of re-characterizing income from capital gains to business income. It found that the transactions did not qualify as business income but as capital gains, leading to the deletion of the income enhancement made by the ld. CIT (Appeals). Additionally, the Tribunal directed the assessing officer to delete the disallowed set off of capital loss, emphasizing adherence to the limited scrutiny scope and proper authorization for adjustments beyond identified issues. en-us Tue, 30 Mar 2021 00:00:00 +0530 Sat, 03 Apr 2021 21:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=406057 The Tribunal allowed the appellant's appeal, ruling in favor of re-characterizing income from capital gains to business income. It found that the transactions did not qualify as business income but as capital gains, leading to the deletion of the income enhancement made by the ld. CIT (Appeals). Additionally, the Tribunal directed the assessing officer to delete the disallowed set off of capital loss, emphasizing adherence to the limited scrutiny scope and proper authorization for adjustments beyond identified issues. Case-Laws Income Tax Tue, 30 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=406057