https://www.taxtmi.com/caselaws?id=69505 The Tribunal allowed the revenue's appeal, ruling that the amount received by the assessee from the amalgamated company constituted short-term capital gains, overturning the Appellate Assistant Commissioner's decision. The Tribunal held that the transaction did not qualify for exemption under section 47(vii) as the assessee opted for cash instead of shares, disagreeing with the AAC's interpretation and setting aside his order. The Tribunal found that the AAC's reliance on previous cases was misplaced, leading to the decision to tax the amount received as capital gains. en-us Mon, 16 May 1983 00:00:00 +0530 Thu, 07 Apr 2011 13:30:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69505 The Tribunal allowed the revenue's appeal, ruling that the amount received by the assessee from the amalgamated company constituted short-term capital gains, overturning the Appellate Assistant Commissioner's decision. The Tribunal held that the transaction did not qualify for exemption under section 47(vii) as the assessee opted for cash instead of shares, disagreeing with the AAC's interpretation and setting aside his order. The Tribunal found that the AAC's reliance on previous cases was misplaced, leading to the decision to tax the amount received as capital gains. Case-Laws Income Tax Mon, 16 May 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69505