https://www.taxtmi.com/caselaws?id=450750 ITAT Ahmedabad ruled that gains from land sales constitute capital gains rather than business income, rejecting AO's classification as adventure in nature of trade. The tribunal directed AO to reconsider Section 54B exemption claims de novo. Regarding Section 14A disallowance, ITAT confirmed administrative expenses disallowance against exempt income under Rule 8D but rejected interest expense disallowance since interest income exceeded interest expenses. Revenue's appeal was partly allowed with directions for fresh consideration of capital gains treatment and exemption claims. en-us Fri, 08 Mar 2024 00:00:00 +0530 Mon, 11 Mar 2024 10:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450750 ITAT Ahmedabad ruled that gains from land sales constitute capital gains rather than business income, rejecting AO's classification as adventure in nature of trade. The tribunal directed AO to reconsider Section 54B exemption claims de novo. Regarding Section 14A disallowance, ITAT confirmed administrative expenses disallowance against exempt income under Rule 8D but rejected interest expense disallowance since interest income exceeded interest expenses. Revenue's appeal was partly allowed with directions for fresh consideration of capital gains treatment and exemption claims. Case-Laws Income Tax Fri, 08 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450750