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2009 (10) TMI 387 - HC - Income TaxCapital Gain- whether the Income-tax Appellate Tribunal was justified in holding that the sale of membership card of the appellant by the Cochin Stock Exchange attracts liability for capital gains under section 45 of the Income-tax Act, 1961. Held that- the stock exchange membership card which was sold in auction was covered by the description of “capital asset” under section 2(14) of the Act, 1961 and the sale by the stock exchange amounted to “transfer” within the meaning of section 2(47) of the Act. Therefore, the Tribunal was right in upholding the assessment of capital gain.
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