https://www.taxtmi.com/caselaws?id=268406 The High Court allowed the Revenue's appeal, ruling in favor of characterizing the sale consideration from the transfer of shares and sale of rights entitlement as business income rather than capital gains. The court found the transactions to be artificial and not genuine, aligning with a previous case precedent. The Assessee's claim of loss on renunciation was rejected, and the judgment clarified the treatment of losses incurred, denying the Assessee's entitlement to set off alleged losses from capital gains/income earned. en-us Thu, 19 Nov 2015 00:00:00 +0530 Wed, 25 Nov 2015 10:55:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268406 The High Court allowed the Revenue's appeal, ruling in favor of characterizing the sale consideration from the transfer of shares and sale of rights entitlement as business income rather than capital gains. The court found the transactions to be artificial and not genuine, aligning with a previous case precedent. The Assessee's claim of loss on renunciation was rejected, and the judgment clarified the treatment of losses incurred, denying the Assessee's entitlement to set off alleged losses from capital gains/income earned. Case-Laws Income Tax Thu, 19 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268406