https://www.taxtmi.com/caselaws?id=236411 The High Court upheld the Income Tax Appellate Tribunal's decision to delete the addition of capital gain on the transfer of membership of a recognized stock exchange. The Court ruled that the transaction was not chargeable to capital gains tax as it was not a transfer of capital assets. Additionally, the Court found that the block assessment under Section 158BC was invalid as the capital gain issue was outside its scope. The Court also held that cross-referenced material in the assessment did not constitute new evidence for reassessment, ultimately dismissing the income tax appeal in favor of the assessee. en-us Thu, 25 Jul 2013 00:00:00 +0530 Mon, 26 Aug 2013 14:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236411 The High Court upheld the Income Tax Appellate Tribunal's decision to delete the addition of capital gain on the transfer of membership of a recognized stock exchange. The Court ruled that the transaction was not chargeable to capital gains tax as it was not a transfer of capital assets. Additionally, the Court found that the block assessment under Section 158BC was invalid as the capital gain issue was outside its scope. The Court also held that cross-referenced material in the assessment did not constitute new evidence for reassessment, ultimately dismissing the income tax appeal in favor of the assessee. Case-Laws Income Tax Thu, 25 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236411