https://www.taxtmi.com/caselaws?id=15737 The court ruled in favor of the Revenue, determining that the profit from the share transfer constituted a short-term capital gain under the Income-tax Act, 1961. The court rejected the assessee's argument that the shares were held in trust under the Indian Trusts Act due to the absence of a trust deed or written agreement. Emphasizing the need for clear documentation in financial transactions, the court upheld the tax liability on the profit from the share transfer and awarded costs of Rs. 1,000 to the Revenue. en-us Fri, 03 Apr 1998 00:00:00 +0530 Thu, 27 Aug 2009 13:39:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15737 The court ruled in favor of the Revenue, determining that the profit from the share transfer constituted a short-term capital gain under the Income-tax Act, 1961. The court rejected the assessee's argument that the shares were held in trust under the Indian Trusts Act due to the absence of a trust deed or written agreement. Emphasizing the need for clear documentation in financial transactions, the court upheld the tax liability on the profit from the share transfer and awarded costs of Rs. 1,000 to the Revenue. Case-Laws Income Tax Fri, 03 Apr 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15737