https://www.taxtmi.com/caselaws?id=433798 The Tribunal dismissed the Revenue's appeal and upheld the Commissioner's decision to treat the profit from share sale as long-term capital gain, allowing exemption under section 10(38) of the Income Tax Act. The Tribunal found the shares were held as investments, supported by past treatment and balance sheet details, rejecting the Revenue's argument of treating it as business income due to alleged price rigging. The judgment emphasized distinguishing between business income and long-term capital gain based on asset use and portfolio management, resulting in the dismissal of the Revenue's appeal. en-us Tue, 07 Feb 2023 00:00:00 +0530 Thu, 09 Feb 2023 10:00:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=433798 The Tribunal dismissed the Revenue's appeal and upheld the Commissioner's decision to treat the profit from share sale as long-term capital gain, allowing exemption under section 10(38) of the Income Tax Act. The Tribunal found the shares were held as investments, supported by past treatment and balance sheet details, rejecting the Revenue's argument of treating it as business income due to alleged price rigging. The judgment emphasized distinguishing between business income and long-term capital gain based on asset use and portfolio management, resulting in the dismissal of the Revenue's appeal. Case-Laws Income Tax Tue, 07 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=433798