https://www.taxtmi.com/caselaws?id=448601 ITAT Chennai ruled on multiple tax issues. On property sale classification, the matter was remanded to AO to determine when asset converted from capital to stock-in-trade, requiring proper computation under section 45(2). For section 14A disallowance, tribunal restricted it to exempt income earned, following HC precedents. When no dividend income existed, section 14A disallowance was deleted per Chettinad Logistics HC judgment upheld by SC. ROC fees for capital enhancement were confirmed as capital expenditure, not revenue, following SC precedent in Punjab State Industrial Development Corporation case. en-us Thu, 18 Jan 2024 00:00:00 +0530 Tue, 23 Jan 2024 17:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448601 ITAT Chennai ruled on multiple tax issues. On property sale classification, the matter was remanded to AO to determine when asset converted from capital to stock-in-trade, requiring proper computation under section 45(2). For section 14A disallowance, tribunal restricted it to exempt income earned, following HC precedents. When no dividend income existed, section 14A disallowance was deleted per Chettinad Logistics HC judgment upheld by SC. ROC fees for capital enhancement were confirmed as capital expenditure, not revenue, following SC precedent in Punjab State Industrial Development Corporation case. Case-Laws Income Tax Thu, 18 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448601