https://www.taxtmi.com/caselaws?id=168769 Section 28 of the Finance Act, 1960 was construed as requiring the taxpayer to prove that a share sale fell within the bona fide commercial reasons or ordinary investment management exception; the tribunal's finding failed because the evidence supported rejection of that exception, even though tax advantage was also in contemplation. The phrase "available for distribution by way of dividend" was interpreted as meaning legally available assets, not merely commercially prudent or practically available assets. On that construction, the cash received for the shares was treated as consideration representing such assets, so the statutory conditions for counteracting the tax advantage were satisfied. en-us Fri, 02 Oct 1970 00:00:00 +0530 Thu, 26 Mar 2015 10:55:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=168769 Section 28 of the Finance Act, 1960 was construed as requiring the taxpayer to prove that a share sale fell within the bona fide commercial reasons or ordinary investment management exception; the tribunal's finding failed because the evidence supported rejection of that exception, even though tax advantage was also in contemplation. The phrase "available for distribution by way of dividend" was interpreted as meaning legally available assets, not merely commercially prudent or practically available assets. On that construction, the cash received for the shares was treated as consideration representing such assets, so the statutory conditions for counteracting the tax advantage were satisfied. Case-Laws Income Tax Fri, 02 Oct 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=168769