https://www.taxtmi.com/caselaws?id=191802 The surplus earned on the sale of shares was determined to be long-term capital gains for the assessees, except for one group. The Tribunal found that the shares were legitimately purchased and sold through proper channels, refuting the Assessing Officer's presumption of converting unaccounted money. The orders disallowing agricultural income were upheld for one group but vacated for others. The claim for exemption under section 54F was directed to be considered for one group. Overall, the appeals were allowed for all assessees except for the partial disallowance of agricultural income for one group. en-us Wed, 23 Mar 2011 00:00:00 +0530 Mon, 24 Apr 2017 17:29:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=191802 The surplus earned on the sale of shares was determined to be long-term capital gains for the assessees, except for one group. The Tribunal found that the shares were legitimately purchased and sold through proper channels, refuting the Assessing Officer's presumption of converting unaccounted money. The orders disallowing agricultural income were upheld for one group but vacated for others. The claim for exemption under section 54F was directed to be considered for one group. Overall, the appeals were allowed for all assessees except for the partial disallowance of agricultural income for one group. Case-Laws Income Tax Wed, 23 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=191802