https://www.taxtmi.com/caselaws?id=752642 ITAT Ahmedabad ruled in favor of the assessee on two issues. First, regarding classification of share transactions, the tribunal held that income should be treated as Short Term Capital Gains rather than business income, noting the assessee consistently showed shares as investments (not stock-in-trade) and returned similar income as capital gains in previous years, which was accepted by the Department. Second, concerning LTCG exemption under Section 54F, the tribunal confirmed CIT(A)'s deletion of disallowance, holding that exemption cannot be denied merely for not depositing unutilized capital gains in prescribed bank accounts, provided the basic condition of investing in new residential property within prescribed time is fulfilled. en-us Fri, 10 May 2024 00:00:00 +0530 Tue, 14 May 2024 08:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752642 ITAT Ahmedabad ruled in favor of the assessee on two issues. First, regarding classification of share transactions, the tribunal held that income should be treated as Short Term Capital Gains rather than business income, noting the assessee consistently showed shares as investments (not stock-in-trade) and returned similar income as capital gains in previous years, which was accepted by the Department. Second, concerning LTCG exemption under Section 54F, the tribunal confirmed CIT(A)'s deletion of disallowance, holding that exemption cannot be denied merely for not depositing unutilized capital gains in prescribed bank accounts, provided the basic condition of investing in new residential property within prescribed time is fulfilled. Case-Laws Income Tax Fri, 10 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752642