https://www.taxtmi.com/caselaws?id=28864 The Tribunal classified the surplus from the sale of equity shares as short-term capital gains, rejecting the argument that it did not fall under the Income Tax Act provisions. The date of acquisition of the shares was determined to be when debentures were converted, not when acquired initially. The court directed the Tribunal to calculate the cost of acquisition based on the market price at the conversion date. The court upheld the classification of surplus as short-term capital gains but directed a recalculation of the cost of acquisition. No costs were awarded. en-us Mon, 19 Jul 1982 00:00:00 +0530 Mon, 08 Mar 2010 12:17:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28864 The Tribunal classified the surplus from the sale of equity shares as short-term capital gains, rejecting the argument that it did not fall under the Income Tax Act provisions. The date of acquisition of the shares was determined to be when debentures were converted, not when acquired initially. The court directed the Tribunal to calculate the cost of acquisition based on the market price at the conversion date. The court upheld the classification of surplus as short-term capital gains but directed a recalculation of the cost of acquisition. No costs were awarded. Case-Laws Income Tax Mon, 19 Jul 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28864