https://www.taxtmi.com/caselaws?id=20413 The court held that investments in public sector undertakings constitute capital assets under section 2(14) of the Income-tax Act, allowing exemption for capital gains on the sale of shares. It affirmed the Tribunal's findings on Unit Trust of India investments and the reinvestment of sale proceeds in new capital assets. However, it disagreed with the Tribunal on the extinguishment of rights in debenture stock and the classification of the loss incurred as a capital loss. Overall, the court ruled in favor of the assessee on most issues, except for the debenture stock-related matters. en-us Thu, 16 Jan 1992 00:00:00 +0530 Fri, 13 Nov 2009 17:24:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20413 The court held that investments in public sector undertakings constitute capital assets under section 2(14) of the Income-tax Act, allowing exemption for capital gains on the sale of shares. It affirmed the Tribunal's findings on Unit Trust of India investments and the reinvestment of sale proceeds in new capital assets. However, it disagreed with the Tribunal on the extinguishment of rights in debenture stock and the classification of the loss incurred as a capital loss. Overall, the court ruled in favor of the assessee on most issues, except for the debenture stock-related matters. Case-Laws Income Tax Thu, 16 Jan 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20413