High Court rules: Long term capital gains taxable under section 112, not as book profits.

The High Court of Karnataka ruled that income from long term capital gains is taxable under section 112 of the Act, not as part of book profits under section 115JA. The tribunal's decision was upheld, and section 234C was deemed inapplicable. The revenue's appeal was dismissed.

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The High Court of Karnataka held that income from long term capital gains should be taxed under section 112 of the Act, not as part of book profits under section 115JA. The tribunal's decision was justified, and section 234C was not applicable. The appeal by the revenue was dismissed.

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