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2013 (10) TMI 1182 - HC - Income TaxClaim of exemption u/s 10(38) on sale of share on capital gains earned on it - Conversion of stock in trade of shares into investment - Held that:- statute did not reject or frown upon conversion of stock in trade into investment and the said conversion was permissible – Reference is made to the Circular No. 4/2007 dated 15th June, 2007 issued by the Central Board of Direct Taxes, which stipulates that two portfolios one for stock in trade and one in respect of investments could be maintained by the same assessee – benefit of exemption u/s 10(38) allowed - Decided against the Revenue.
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