https://www.taxtmi.com/caselaws?id=102356 The court ruled in favor of the revenue on the computation of capital gains for a non-resident selling shares of an Indian company, emphasizing that conversion into foreign currency was unnecessary as transactions occurred in Indian rupees. Similarly, the court rejected converting the cost of shares into pounds for deduction purposes. However, the court allowed the Appellate Assistant Commissioner to consider additional grounds raised by the appellant, in line with a Supreme Court decision. The court disposed of the reference without costs, with outcomes favoring the revenue on the first two issues and the assessee on the third issue. en-us Thu, 08 Apr 1993 00:00:00 +0530 Tue, 14 Feb 2012 15:56:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=102356 The court ruled in favor of the revenue on the computation of capital gains for a non-resident selling shares of an Indian company, emphasizing that conversion into foreign currency was unnecessary as transactions occurred in Indian rupees. Similarly, the court rejected converting the cost of shares into pounds for deduction purposes. However, the court allowed the Appellate Assistant Commissioner to consider additional grounds raised by the appellant, in line with a Supreme Court decision. The court disposed of the reference without costs, with outcomes favoring the revenue on the first two issues and the assessee on the third issue. Case-Laws Income Tax Thu, 08 Apr 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=102356