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2006 (1) TMI 80 - HC - Income Tax
Capital gain – sale of shares - "(1) Whether Tribunal is right in setting aside the order made by the Commissioner of Income-tax under section 263 of the Income-tax Act? (2) Whether the Appellate Tribunal is right in observing that the income was required to be taxed as capital gain and not as business income?" - Tribunal has rightly come to the conclusion that the order made by the Commissioner of Income-tax under section 263 of the Act is not sustainable, and that, on the facts, the income was required to be taxed under the head "Capital gains" and not as "Income from business". In the result, both the questions are answered in the affirmative, i.e., in favour of the assessee