https://www.taxtmi.com/caselaws?id=117819 The Tribunal ruled in favor of the assessee-company, determining that the loss on the sale of shares should be assessed under the head 'capital gains' rather than 'profits or gains of business or profession'. The Tribunal accepted the company's argument that the shares were held as investments, supported by their long-term holding and balance sheet classification. Consequently, the appeal was allowed, and the Assessing Officer was directed to assess the loss under 'capital gains'. en-us Wed, 03 Nov 2004 00:00:00 +0530 Mon, 27 May 2024 13:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117819 The Tribunal ruled in favor of the assessee-company, determining that the loss on the sale of shares should be assessed under the head 'capital gains' rather than 'profits or gains of business or profession'. The Tribunal accepted the company's argument that the shares were held as investments, supported by their long-term holding and balance sheet classification. Consequently, the appeal was allowed, and the Assessing Officer was directed to assess the loss under 'capital gains'. Case-Laws Income Tax Wed, 03 Nov 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117819