https://www.taxtmi.com/caselaws?id=268410 The court held that the income from the sale of shares and renunciation of rights to subscribe to Partly Convertible Debentures was business income, not capital gains. The court found that the transactions were designed to evade tax and were considered colorable devices for tax avoidance. The appeal was allowed in favor of the Revenue, disallowing the claimed loss on the renunciation of rights and affirming that the income from the sale of shares should be treated as business income. en-us Thu, 19 Nov 2015 00:00:00 +0530 Wed, 25 Nov 2015 10:55:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268410 The court held that the income from the sale of shares and renunciation of rights to subscribe to Partly Convertible Debentures was business income, not capital gains. The court found that the transactions were designed to evade tax and were considered colorable devices for tax avoidance. The appeal was allowed in favor of the Revenue, disallowing the claimed loss on the renunciation of rights and affirming that the income from the sale of shares should be treated as business income. Case-Laws Income Tax Thu, 19 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268410