TMI Blog1998 (2) TMI 121X X X X Extracts X X X X X X X X Extracts X X X X ..... r a revenue receipt. In the decision, based on the appreciation of the evidence and whether it should be taxed or not, the Tribunal has followed the decision of the apex court in Miss Dhun Dadabhoy Kapadia v. CIT [1967] 63 ITR 651 and the decision of this court in CIT v. Oberoi Building and Investment P. Ltd. [1993] 203 ITR 403. We issued rule and heard learned counsel on rule. The assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he taxed the entire amount of Rs. 2,48,348 as capital gain. In appeal before the Commissioner of Income-tax (Appeals), the Commissioner of Income-tax (Appeals) has treated the same as a revenue receipt and taxed as such. In appeal before the Tribunal, the Tribunal has treated this receipt against the capital assets and following the decision of the Supreme Court in Miss Dhun Dadabhoy Kapadia v. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is not in dispute, that the debentures are received against capital assets, receipt of the amount of Rs. 2,48,348 can be treated at the most as capital gains, but in view of the decision relied upon by the Tribunal that in a case where there is a fall in the capital value of the assets, in the form of shares, if any amount is received and including that amount, the total value of the shares is le ..... X X X X Extracts X X X X X X X X Extracts X X X X
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