https://www.taxtmi.com/caselaws?id=329341 The court upheld the Income Tax Appellate Tribunal's decision to treat the profit on the sale of shares as Long Term Capital Gain for the Assessment Year 2002-03. The court found that the shares were acquired for investment purposes using borrowed funds, not for obtaining control of the company. It supported the Tribunal's allowance of the deduction of interest paid on the borrowed funds related to the share acquisition. Consequently, the court dismissed the revenue's appeals and affirmed the treatment of profit on shares as Long Term Capital Gain in favor of the assessee. en-us Wed, 22 Jun 2016 00:00:00 +0530 Tue, 28 Jun 2016 20:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329341 The court upheld the Income Tax Appellate Tribunal's decision to treat the profit on the sale of shares as Long Term Capital Gain for the Assessment Year 2002-03. The court found that the shares were acquired for investment purposes using borrowed funds, not for obtaining control of the company. It supported the Tribunal's allowance of the deduction of interest paid on the borrowed funds related to the share acquisition. Consequently, the court dismissed the revenue's appeals and affirmed the treatment of profit on shares as Long Term Capital Gain in favor of the assessee. Case-Laws Income Tax Wed, 22 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329341