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2020 (10) TMI 252 - HC - Income TaxCorrect head of income - Capital Gain or business income - surplus on sale of shares and securities - HELD THAT:- CIT(A) and the Tribunal both have come to the conclusion that the assessee has continuously treated the transaction in shares and securities as investment and in view of the aforesaid Circulars issued by the CBDT, when the assessee has opted to treat the shares and securities as investment and offered capital gains/loss arising from such transaction to tax then the Assessing Officer cannot dispute the same. When there are concurrent findings of fact that the assessee has maintained distinction between trading assets and nontrading assets and has treated the transaction in shares and securities as investment then, the Assessing Officer could not have treated the same as business transaction so as to treat the surplus as business income.- Decided against revenue. Disallowance of interest expenses u/s 14A - Tribunal deleted the addition - HELD THAT:- The condition precedent of recording the requisite satisfaction which is a safeguard provided in Section 14A should not be overlooked before going to Rule 8. In such circumstances we are not impressed by the submission canvassed on behalf of the Revenue that once there are mixed funds, Rule8 would be attracted automatically. Tribunal committed no error in passing the impugned order. The issues raised in these Tax Appeals are covered by various decisions of the Supreme Court as well as this Court.- Decided against revenue.
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