https://www.taxtmi.com/caselaws?id=761377 ITAT (DELHI - AT) partly allowed the appeal. It upheld CIT(A)'s allowance of portfolio management services expenses as relating to securities and disallowed AO's challenge. It sustained revenue's denial of general administrative expenses against capital gains, holding such costs are claimable only under business income (and may be carried forward) and not under s.48 capital gains. It rejected revenue's plea to treat investments as business transactions, affirming the assessee's accounting approach per CBDT guidance. It disallowed losses on certain share sales as bogus, finding the assessee's explanation of distress sale implausible. en-us Wed, 06 Nov 2024 00:00:00 +0530 Tue, 14 Oct 2025 14:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761377 ITAT (DELHI - AT) partly allowed the appeal. It upheld CIT(A)'s allowance of portfolio management services expenses as relating to securities and disallowed AO's challenge. It sustained revenue's denial of general administrative expenses against capital gains, holding such costs are claimable only under business income (and may be carried forward) and not under s.48 capital gains. It rejected revenue's plea to treat investments as business transactions, affirming the assessee's accounting approach per CBDT guidance. It disallowed losses on certain share sales as bogus, finding the assessee's explanation of distress sale implausible. Case-Laws Income Tax Wed, 06 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761377