https://www.taxtmi.com/caselaws?id=352088 A proposed share sale that never crystallised could not give rise to short-term capital gains where the record showed only an advance, no completed transfer, and no de jure or de facto passage of shares; the notional addition was therefore deleted. An adjustment under section 145A for closing stock valuation could not stand in isolation, because the inclusive method must be applied consistently to opening stock, purchases, sales, and duties already paid to reflect true profit; the deletion was upheld. The remaining issue was remanded for fresh consideration, leaving the assessee partly successful and the Revenue's challenge unsuccessful on the principal additions. en-us Tue, 21 Nov 2017 00:00:00 +0530 Thu, 07 Dec 2017 08:43:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352088 A proposed share sale that never crystallised could not give rise to short-term capital gains where the record showed only an advance, no completed transfer, and no de jure or de facto passage of shares; the notional addition was therefore deleted. An adjustment under section 145A for closing stock valuation could not stand in isolation, because the inclusive method must be applied consistently to opening stock, purchases, sales, and duties already paid to reflect true profit; the deletion was upheld. The remaining issue was remanded for fresh consideration, leaving the assessee partly successful and the Revenue's challenge unsuccessful on the principal additions. Case-Laws Income Tax Tue, 21 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352088