https://www.taxtmi.com/caselaws?id=29182 Surplus from the sale of shares sold at the same time as relinquishment of a managing agency was treated as capital gains, not revenue income. The shares had been held as investments and previously regarded as capital assets, and their higher realisation because of the managing agency attached to them did not change their legal character. In the absence of any finding that the sale was colourable or that the price represented consideration for surrender of the managing agency, the Tribunal held that what was realised was the value of the shares themselves. The surplus was therefore capital in nature and the assessee succeeded. en-us Wed, 16 Jul 1980 00:00:00 +0530 Thu, 11 Mar 2010 12:53:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29182 Surplus from the sale of shares sold at the same time as relinquishment of a managing agency was treated as capital gains, not revenue income. The shares had been held as investments and previously regarded as capital assets, and their higher realisation because of the managing agency attached to them did not change their legal character. In the absence of any finding that the sale was colourable or that the price represented consideration for surrender of the managing agency, the Tribunal held that what was realised was the value of the shares themselves. The surplus was therefore capital in nature and the assessee succeeded. Case-Laws Income Tax Wed, 16 Jul 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29182