https://www.taxtmi.com/caselaws?id=753814 The ITAT Delhi held that the sale of unlisted shares by the assessee constituted a simple transfer of shares, not a transfer of capital assets warranting taxation under section 112(1)(c)(ii) at 20% plus surcharge and cess. The tribunal found that the AO incorrectly applied the 21.63% tax rate instead of the 10.815% rate computed by the assessee under section 112(1)(c)(i). The Share Purchase Agreement reflected dilution of shareholding through exit from a joint venture, not individual or collective asset transfer. The excess TDS deduction could not create estoppel to change the income's nature or applicable tax rate. Decision favored the assessee. en-us Wed, 05 Jun 2024 00:00:00 +0530 Tue, 11 Jun 2024 07:57:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753814 The ITAT Delhi held that the sale of unlisted shares by the assessee constituted a simple transfer of shares, not a transfer of capital assets warranting taxation under section 112(1)(c)(ii) at 20% plus surcharge and cess. The tribunal found that the AO incorrectly applied the 21.63% tax rate instead of the 10.815% rate computed by the assessee under section 112(1)(c)(i). The Share Purchase Agreement reflected dilution of shareholding through exit from a joint venture, not individual or collective asset transfer. The excess TDS deduction could not create estoppel to change the income's nature or applicable tax rate. Decision favored the assessee. Case-Laws Income Tax Wed, 05 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753814