https://www.taxtmi.com/caselaws?id=444439 The Tribunal upheld the decision of the CIT(A) to classify income from the sale of shares/securities/PMS/Mutual Funds as "Capital Gains" rather than "Income from Business." This decision was supported by CBDT Circular No. 6/2016, which suggests treating such income as "Capital Gains" when shares are shown as investments in the balance sheet. The Tribunal found this applicable and aimed at reducing litigation, thus dismissing the Revenue's appeal. The Tribunal also noted that the disallowance under section 14A was rendered moot since the income was treated as "Capital Gains." The assessee's cross-objections were not pursued. en-us Fri, 13 Oct 2023 00:00:00 +0530 Mon, 16 Oct 2023 18:50:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444439 The Tribunal upheld the decision of the CIT(A) to classify income from the sale of shares/securities/PMS/Mutual Funds as "Capital Gains" rather than "Income from Business." This decision was supported by CBDT Circular No. 6/2016, which suggests treating such income as "Capital Gains" when shares are shown as investments in the balance sheet. The Tribunal found this applicable and aimed at reducing litigation, thus dismissing the Revenue's appeal. The Tribunal also noted that the disallowance under section 14A was rendered moot since the income was treated as "Capital Gains." The assessee's cross-objections were not pursued. Case-Laws Income Tax Fri, 13 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444439