Capital gains computation from share sale proceeds was decided by following an earlier binding view against the assessee.

Gross sales proceeds from the sale of shares were considered for capital gains computation, and the reference was treated as covered by an earlier binding decision involving the same group. With no appearance for the assessee, the court followed that prior view and answered the question in favour of the Revenue and against the assessee.

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Issues: Whether the gross sales proceeds from the sale of shares held by the assessee were to be taken into consideration for computing capital gains.

Analysis: The question referred was treated as covered by an earlier decision involving the same group. As there was no appearance for the assessee and the matter was considered fully covered against it, the reference was decided by following the earlier binding view.

Conclusion: The question was answered in favour of the Revenue and against the assessee.

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