https://www.taxtmi.com/caselaws?id=11616 Section 52(2) of the Income-tax Act was held inapplicable to capital gains on share sales because the assessee had not received any consideration over and above the amounts stated in the sale deeds. The amount of Rs. 19,982 was also held not taxable as business income, following the earlier view on the same question. However, the retrospective Explanation inserted by the Finance Act, 1989 to section 2(1A) was applied to the receipt, and on that basis the same amount was held chargeable to tax on the third question. The reference was thus disposed of with the assessee succeeding on the first two issues and the Revenue on the third. en-us Wed, 24 May 2000 00:00:00 +0530 Tue, 02 Feb 2010 13:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11616 Section 52(2) of the Income-tax Act was held inapplicable to capital gains on share sales because the assessee had not received any consideration over and above the amounts stated in the sale deeds. The amount of Rs. 19,982 was also held not taxable as business income, following the earlier view on the same question. However, the retrospective Explanation inserted by the Finance Act, 1989 to section 2(1A) was applied to the receipt, and on that basis the same amount was held chargeable to tax on the third question. The reference was thus disposed of with the assessee succeeding on the first two issues and the Revenue on the third. Case-Laws Income Tax Wed, 24 May 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11616