https://www.taxtmi.com/caselaws?id=364302 The ITAT upheld the CIT(A)'s decision to delete the addition of Rs. 8.75 crores, ruling that the preference shares were capital receipts and not taxable as business income under Section 28(iv) of the Income Tax Act. The judgment emphasized legal provisions and judicial precedents supporting the classification of the preference shares as capital receipts, ultimately dismissing the revenue's appeal. en-us Wed, 18 Jul 2018 00:00:00 +0530 Thu, 26 Jul 2018 08:54:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=364302 The ITAT upheld the CIT(A)'s decision to delete the addition of Rs. 8.75 crores, ruling that the preference shares were capital receipts and not taxable as business income under Section 28(iv) of the Income Tax Act. The judgment emphasized legal provisions and judicial precedents supporting the classification of the preference shares as capital receipts, ultimately dismissing the revenue's appeal. Case-Laws Income Tax Wed, 18 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=364302