https://www.taxtmi.com/caselaws?id=448597 The ITAT Mumbai dismissed the assessee's appeal on capital gains from securities redemption, following coordinate bench precedents. The tribunal allowed treating treasury bill surplus as capital gains rather than business income, following SC precedent in Grace Collis. Various deductions were addressed: wealth tax deduction allowed, section 80-O royalty deduction permitted, section 80HHC computation issues remanded to AO, and foreign travel expenses for MD's wife disallowed. Penalties under section 271(1)(c) were deleted as mere legal claims don't constitute concealment. The tribunal largely followed previous coordinate bench decisions in the assessee's own cases. en-us Tue, 28 Nov 2023 00:00:00 +0530 Tue, 23 Jan 2024 10:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448597 The ITAT Mumbai dismissed the assessee's appeal on capital gains from securities redemption, following coordinate bench precedents. The tribunal allowed treating treasury bill surplus as capital gains rather than business income, following SC precedent in Grace Collis. Various deductions were addressed: wealth tax deduction allowed, section 80-O royalty deduction permitted, section 80HHC computation issues remanded to AO, and foreign travel expenses for MD's wife disallowed. Penalties under section 271(1)(c) were deleted as mere legal claims don't constitute concealment. The tribunal largely followed previous coordinate bench decisions in the assessee's own cases. Case-Laws Income Tax Tue, 28 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448597