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2018 (8) TMI 1417 - AT - Income TaxNature of income - purchased and sale of equity, mutual funds and bonds - capital gains or business income - Held that:- The order of CIT (A) is corrected, wherein he has directed to treat the impugned income as income from capital gains and not as business income. Since the impugned income is to be treated as income from capital gains, the benefit of indexation will also be allowable to the assessee. - Decided against the revenue. Disallowance u/s 14A - exempted income - Held that:- the disallowance could not have been made in absence of proper recording of satisfaction by the Assessing Officer. We have no other option but to direct the deletion of this disallowance. - Decided in favor of assessee.
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