https://www.taxtmi.com/caselaws?id=268475 The High Court classified the sale consideration from the transfer of shares and sale of rights entitlement of Partly Convertible Debentures as income from capital gains, ruling against the Assessee's claim of it being income from business. Additionally, the court disallowed the set off of the loss on the sale of entitlement to acquire PCDs against the capital gains, viewing the transactions as a tax avoidance scheme. The Revenue's appeal was allowed, and the parties were directed to bear their own costs. en-us Thu, 19 Nov 2015 00:00:00 +0530 Thu, 26 Nov 2015 06:52:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268475 The High Court classified the sale consideration from the transfer of shares and sale of rights entitlement of Partly Convertible Debentures as income from capital gains, ruling against the Assessee's claim of it being income from business. Additionally, the court disallowed the set off of the loss on the sale of entitlement to acquire PCDs against the capital gains, viewing the transactions as a tax avoidance scheme. The Revenue's appeal was allowed, and the parties were directed to bear their own costs. Case-Laws Income Tax Thu, 19 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268475