https://www.taxtmi.com/caselaws?id=68774 The Tribunal upheld the CIT(A)'s decision on all grounds, dismissing the Department's appeal. This included assessing capital gains on the sale of shares to partners at a lower amount, allowing business loss, accepting the conversion of shares into stock-in-trade, and deleting disallowances of interest, hire charges receipts, and machinery spares and repairs. The Tribunal also clarified the interpretation of 'distribution' under the Income Tax Act, 1961, and affirmed the computation of the cost of original shares without reduction. en-us Mon, 28 Feb 2005 00:00:00 +0530 Fri, 20 Jan 2012 15:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68774 The Tribunal upheld the CIT(A)'s decision on all grounds, dismissing the Department's appeal. This included assessing capital gains on the sale of shares to partners at a lower amount, allowing business loss, accepting the conversion of shares into stock-in-trade, and deleting disallowances of interest, hire charges receipts, and machinery spares and repairs. The Tribunal also clarified the interpretation of 'distribution' under the Income Tax Act, 1961, and affirmed the computation of the cost of original shares without reduction. Case-Laws Income Tax Mon, 28 Feb 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68774