https://www.taxtmi.com/caselaws?id=792953 FIFO applied to indistinguishable physical shares for capital gains computation, as physical form did not change their fungible character; the assessee could not use selective specific identification to reduce the taxable gain, so the short-term capital gains addition was sustained. Under section 14A read with Rule 8D, disallowance was confined to investments that actually yielded exempt income during the year and could not exceed the exempt income earned; the matter was remitted for recomputation on that basis, granting partial relief. en-us Tue, 05 May 2026 00:00:00 +0530 Sat, 06 Jun 2026 08:42:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=792953 FIFO applied to indistinguishable physical shares for capital gains computation, as physical form did not change their fungible character; the assessee could not use selective specific identification to reduce the taxable gain, so the short-term capital gains addition was sustained. Under section 14A read with Rule 8D, disallowance was confined to investments that actually yielded exempt income during the year and could not exceed the exempt income earned; the matter was remitted for recomputation on that basis, granting partial relief. Case-Laws Income Tax Tue, 05 May 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=792953