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2009 (8) TMI 13 - HC - Income TaxRevenue Receipt Versus Capital Receipt – Taxability u/s 28 or 56 - the appellant ventured to sell the shares of the other promoters of the Company assuring the agreed price and undertaking to compensate them in case the shares are sold less than the agreed price – held that - it is evident that the appellant had played the roll in the overall equity shares diverting activity either directly or through broker for obtaining best price. Ultimately, the venture proved that the appellant not only gained control of the mill, but also received substantial amount. Therefore, the profit on the sale of shares was a calculated move and it cannot be regarded as a wind fall. The surplus amount thus realised by the assessee is an income. If the assessee is not entitled to the surplus amount, the amount certainly would have become taxable in the hands of the divesting promoters.
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