https://www.taxtmi.com/caselaws?id=268476 The High Court ruled in favor of the Revenue, determining that the income from the sale of shares and debenture entitlements was capital gains, not business income. The Court disallowed the Assessee's claim for loss on the sale of entitlement to acquire debentures against the income earned, stating that the loss was notional as the stock's value was reflected in the closing stock valuation. The Court allowed the Revenue's appeal, emphasizing the treatment of income and losses in such transactions against capital gains or income. en-us Thu, 19 Nov 2015 00:00:00 +0530 Thu, 26 Nov 2015 06:52:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268476 The High Court ruled in favor of the Revenue, determining that the income from the sale of shares and debenture entitlements was capital gains, not business income. The Court disallowed the Assessee's claim for loss on the sale of entitlement to acquire debentures against the income earned, stating that the loss was notional as the stock's value was reflected in the closing stock valuation. The Court allowed the Revenue's appeal, emphasizing the treatment of income and losses in such transactions against capital gains or income. Case-Laws Income Tax Thu, 19 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268476