https://www.taxtmi.com/caselaws?id=275222 The Tribunal dismissed both appeals by the Revenue. It upheld the treatment of the sale of shares as long-term capital gains, ruling that the transaction was not a colorable device. The Tribunal also deemed the reopening of the assessment invalid, citing non-disclosure of material facts and the time limitation under section 147 of the Act. The judgments emphasized compliance with legal formalities and accurate application of capital gains tax laws. en-us Fri, 16 Oct 2015 00:00:00 +0530 Mon, 24 Sep 2018 07:33:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275222 The Tribunal dismissed both appeals by the Revenue. It upheld the treatment of the sale of shares as long-term capital gains, ruling that the transaction was not a colorable device. The Tribunal also deemed the reopening of the assessment invalid, citing non-disclosure of material facts and the time limitation under section 147 of the Act. The judgments emphasized compliance with legal formalities and accurate application of capital gains tax laws. Case-Laws Income Tax Fri, 16 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275222