https://www.taxtmi.com/caselaws?id=6918 Commercial accounts accepted as genuine showed that 5,100 shares were withdrawn from a joint venture stock-in-trade at cost and not transferred at an enhanced market value, so no taxable profit could be imputed merely because the market price was higher. On that basis, the proposed addition for alleged embedded profit was not sustainable. The document also states that a right to the issue of deferred shares, acquired along with the shares and not converted into stock-in-trade, retained its capital character; sale proceeds from that right were therefore capital receipt. The note concludes that a capital-versus-revenue character depends on the asset's treatment and the accounting record. en-us Mon, 10 Jul 1967 00:00:00 +0530 Sat, 07 Feb 2009 08:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=6918 Commercial accounts accepted as genuine showed that 5,100 shares were withdrawn from a joint venture stock-in-trade at cost and not transferred at an enhanced market value, so no taxable profit could be imputed merely because the market price was higher. On that basis, the proposed addition for alleged embedded profit was not sustainable. The document also states that a right to the issue of deferred shares, acquired along with the shares and not converted into stock-in-trade, retained its capital character; sale proceeds from that right were therefore capital receipt. The note concludes that a capital-versus-revenue character depends on the asset's treatment and the accounting record. Case-Laws Income Tax Mon, 10 Jul 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=6918