https://www.taxtmi.com/caselaws?id=117782 The Special Bench held that bottles costing less than Rs. 5,000 constitute part of the 'block of assets' under section 2(11) of the Income-tax Act, 1961, attracting the provisions of section 50. Consequently, sale proceeds of Rs. 7,82,388 were taxable as short-term capital gains. The second issue regarding the nature of sale proceeds was not addressed due to the affirmative answer to the first issue. The case was remanded to the Division Bench for consideration of other unresolved matters. en-us Mon, 13 Dec 2004 00:00:00 +0530 Mon, 16 Jul 2012 11:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117782 The Special Bench held that bottles costing less than Rs. 5,000 constitute part of the 'block of assets' under section 2(11) of the Income-tax Act, 1961, attracting the provisions of section 50. Consequently, sale proceeds of Rs. 7,82,388 were taxable as short-term capital gains. The second issue regarding the nature of sale proceeds was not addressed due to the affirmative answer to the first issue. The case was remanded to the Division Bench for consideration of other unresolved matters. Case-Laws Income Tax Mon, 13 Dec 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117782