https://www.taxtmi.com/caselaws?id=438291 The Tribunal ruled in favor of the assessee in the case concerning the taxability of capital gain on the sale of compulsory convertible preference shares (CCPS). The Tribunal held that the gain should be treated as long-term capital gain, not short-term as determined by the Assessing Officer. The Tribunal also noted that interest under section 234B may not be leviable due to tax withholding on the gain. The assessee was directed to provide a bank guarantee to secure the Revenue's interest, and the recovery of the outstanding demand was stayed for 180 days or until the appeal's disposal. en-us Fri, 19 May 2023 00:00:00 +0530 Fri, 26 May 2023 14:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438291 The Tribunal ruled in favor of the assessee in the case concerning the taxability of capital gain on the sale of compulsory convertible preference shares (CCPS). The Tribunal held that the gain should be treated as long-term capital gain, not short-term as determined by the Assessing Officer. The Tribunal also noted that interest under section 234B may not be leviable due to tax withholding on the gain. The assessee was directed to provide a bank guarantee to secure the Revenue's interest, and the recovery of the outstanding demand was stayed for 180 days or until the appeal's disposal. Case-Laws Income Tax Fri, 19 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438291