https://www.taxtmi.com/caselaws?id=413034 The Tribunal dismissed the grounds related to jurisdiction under Section 153A. Regarding the addition of capital gain and business income, the Tribunal held that these should be taxed in the year the stock is sold, not the year of conversion, leading to the deletion of additions for the year under appeal. The Tribunal also deleted additions for bogus expenses claimed with respect to various entities, as they were found to be genuine based on supporting evidence. Additionally, disallowance under Section 14A was limited to the amount of exempt income, and other disallowances were deleted based on lack of error or previous favorable decisions. en-us Fri, 24 Sep 2021 00:00:00 +0530 Mon, 04 Oct 2021 08:57:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413034 The Tribunal dismissed the grounds related to jurisdiction under Section 153A. Regarding the addition of capital gain and business income, the Tribunal held that these should be taxed in the year the stock is sold, not the year of conversion, leading to the deletion of additions for the year under appeal. The Tribunal also deleted additions for bogus expenses claimed with respect to various entities, as they were found to be genuine based on supporting evidence. Additionally, disallowance under Section 14A was limited to the amount of exempt income, and other disallowances were deleted based on lack of error or previous favorable decisions. Case-Laws Income Tax Fri, 24 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413034