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2014 (12) TMI 566 - MADRAS HIGH COURTEntitlement of relief u/s 10(38) – Sale of shares – Business income or capital gains - Whether the Tribunal was right in holding that the sale of shares does not fall under the head income from business but under the head capital gains , thereby, entitling for relief u/s 10(38) – Held that:- The Tribunal rightly followed the decision of the same assessee being decided earlier in Assistant Commissioner of Income-tax Versus Stargate Investments (P.) Ltd. [2010 (8) TMI 699 - ITAT, CHENNAI] wherein it has been held that the shares held by the assessee was long term investment and there was no basis to treat it as stock in trade of the assessee company - the shares were held as long term investment and, therefore, the same is entitled to long term capital gains and upheld the order of the CIT(A) – thus, the order of the Tribunal is upheld – Decided against revenue.
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