https://www.taxtmi.com/caselaws?id=199184 Long-term capital gains included in the income of a body of individuals were taxable at the specific rate under section 112(1)(d), because that provision operates independently of the general rule in section 167B. Where members' shares are indeterminate, section 167B governs taxation of the balance income at the maximum marginal rate, but it does not displace the specific capital gains rate. Accordingly, the capital gains were assessed under section 112(1)(d) and only the remaining income attracted taxation under section 167B. en-us Thu, 16 Jan 2003 00:00:00 +0530 Thu, 22 Feb 2018 11:24:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=199184 Long-term capital gains included in the income of a body of individuals were taxable at the specific rate under section 112(1)(d), because that provision operates independently of the general rule in section 167B. Where members' shares are indeterminate, section 167B governs taxation of the balance income at the maximum marginal rate, but it does not displace the specific capital gains rate. Accordingly, the capital gains were assessed under section 112(1)(d) and only the remaining income attracted taxation under section 167B. Case-Laws Income Tax Thu, 16 Jan 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=199184