https://www.taxtmi.com/caselaws?id=444959 The ITAT Mumbai held that transfer of unlisted shares of DSPML should be taxed under capital gains rather than business income. The tribunal applied CBDT Circular principles, noting that exceptions for genuineness of transfer, corporate veil lifting, or transfer of control did not apply. The AO's own findings showed no change in board composition despite increased stake acquisition. Consequently, the assessee was entitled to exemption under section 54EA, and the claim for deduction was allowed. The tribunal set aside the treatment as business income and confirmed capital gains treatment. en-us Tue, 27 Jun 2023 00:00:00 +0530 Fri, 27 Oct 2023 09:45:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444959 The ITAT Mumbai held that transfer of unlisted shares of DSPML should be taxed under capital gains rather than business income. The tribunal applied CBDT Circular principles, noting that exceptions for genuineness of transfer, corporate veil lifting, or transfer of control did not apply. The AO's own findings showed no change in board composition despite increased stake acquisition. Consequently, the assessee was entitled to exemption under section 54EA, and the claim for deduction was allowed. The tribunal set aside the treatment as business income and confirmed capital gains treatment. Case-Laws Income Tax Tue, 27 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444959