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2011 (12) TMI 553 - AT - Income TaxShare transaction - capital gain or business income - Held that:- The action of the Authorities below is not in consistence with the law. The ld. CIT(A) has erred in not accepting the assessee’s claim of concessional rate of tax u/s 111-A of the Act, in keeping with “Gopal Purohit”(2009 (2) TMI 233 - ITAT BOMBAY-G ). Liability side shown share application money forfeiture under the head reserve and surplus - Held that:- The receipt was on capital account, since the amount was received on account of share capital, having no relevance with trade. As such, the receipt cannot be treated as income.
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