https://www.taxtmi.com/caselaws?id=450519 The ITAT Amritsar held that income from share transactions should be treated as capital gains rather than business income, despite high transaction volumes, as the assessee consistently treated shares as investments in books and balance sheet, which was accepted by revenue in previous years. Following Gujarat HC precedent in Pr. CIT v. Bhanuprasad D Trivedi, HUF, the tribunal found clear investment intention. Additionally, legal expenses were allowed under section 37, following SC precedent in CIT vs. Delhi Safe Deposit Co. Ltd, as expenses were incurred to protect profit-earning assets. en-us Fri, 06 Oct 2023 00:00:00 +0530 Wed, 06 Mar 2024 16:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450519 The ITAT Amritsar held that income from share transactions should be treated as capital gains rather than business income, despite high transaction volumes, as the assessee consistently treated shares as investments in books and balance sheet, which was accepted by revenue in previous years. Following Gujarat HC precedent in Pr. CIT v. Bhanuprasad D Trivedi, HUF, the tribunal found clear investment intention. Additionally, legal expenses were allowed under section 37, following SC precedent in CIT vs. Delhi Safe Deposit Co. Ltd, as expenses were incurred to protect profit-earning assets. Case-Laws Income Tax Fri, 06 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450519