TMI BlogCorrect head of income - Sale of Investment in Shares (ARLIC) - We have gone through the provisions of...Correct head of income - Sale of Investment in Shares (ARLIC) - We have gone through the provisions of Section 28(va) and Section 28(iv) invoked by the revenue authorities. The assessee has invested the amount for acquiring 44% stake in the ARLIC and sold the same. Hence, it cannot be said that there is sale of business as the assessee do not own the 100% stake in ARLIC. The receipts be taxed under the head “capital gains” after giving due indexation - AT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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