Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (1) TMI 1486 - ITAT KOLKATAActivity of share trading - Business income or capital gains - Held that:- AO has treated the entire investment accounts as trading account treating the transactions as business transactions but the assessee treated capital gains either short term or long term - The assessee has never invested any borrowed funds rather it has invested her own funds - The assessee has disclosed the purchase and sale and gains arising out of sale as capital gains - CIT(A) has rightly treated the gains as LTCG and STCG – Decided against Revenue. Disallownace of general expenses on printing and staionery, staff welfare expenditure etc. - Held that:- The AO has made disallowance on ad hoc basis and there is no reason for the same - Only expenditure of Rs.6560/- incurred on account of income tax is to be disallowed apart from disallowance restricted at Rs.5000 - Partly allowed in favour of assessee.
|