https://www.taxtmi.com/caselaws?id=220885 The High Court upheld the Tribunal's decision regarding the re-opening of assessment under Sections 147 and 148 of the Income Tax Act, 1961. The Court ruled in favor of the respondent, a foreign company, determining that the income from the sale of shares should be taxed under "capital gains" as opposed to "business income." The Court emphasized the binding nature of the Authority for Advance Ruling's decision and dismissed the appeal by the Revenue, maintaining consistency in the application of the law in assessments related to portfolio investments. en-us Thu, 10 Jan 2013 00:00:00 +0530 Fri, 05 Jul 2013 17:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=220885 The High Court upheld the Tribunal's decision regarding the re-opening of assessment under Sections 147 and 148 of the Income Tax Act, 1961. The Court ruled in favor of the respondent, a foreign company, determining that the income from the sale of shares should be taxed under "capital gains" as opposed to "business income." The Court emphasized the binding nature of the Authority for Advance Ruling's decision and dismissed the appeal by the Revenue, maintaining consistency in the application of the law in assessments related to portfolio investments. Case-Laws Income Tax Thu, 10 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=220885