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2012 (12) TMI 599 - AT - Income TaxDisallowance u/s 14A r.w. Rule 8D of expenditure incurred on earning exempt income – Held that:- Total expenditure debited by the assessee in its P&L account for the year ended 31.3.2008 is only Rs.1,68,385 and out which, assessee itself disallowed a sum of Rs.1,06,897 while computing its income leaving a balance sum of Rs.61,488 which was duly explained in respect of taxable income. Therefore no such disallowance shall be allowed. Appeal decides in favour of assessee Sale of share taxable as capital gain or business income - Assessee has only four scripts of shares and out of which scripts of shares of three companies were purchased in the preceding assessment year and only share of one company was purchased during the year - Assessee sold the said shares of all four companies in the assessment year under consideration - Held that:- Neither the frequency nor volume of transaction could be said to be very high and the period of holding is also substantial. Therefore, the income of the assessee from purchase and sale of share transactions is to be assessed under the head “capital gain” and not under the head “business income”. issue decides in favour of assessee
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