https://www.taxtmi.com/caselaws?id=58646 The Supreme Court confirmed that only Rs. 61,25,000 should be considered for calculating capital gains from the sale of "Bakhtawar Ice Factory." The total sale consideration was determined to be Rs. 1,05,25,000, including the Rs. 39 lakhs paid to R.M. Aga. The Rs. 39 lakhs received by R.M. Aga was held to be capital gains and not business income. The ITAT dismissed the protective assessment of Rs. 39 lakhs in R.M. Aga's hands, upholding its inclusion in the sale consideration for late M.M. Aga. en-us Fri, 25 Feb 1994 00:00:00 +0530 Tue, 21 Dec 2010 13:16:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58646 The Supreme Court confirmed that only Rs. 61,25,000 should be considered for calculating capital gains from the sale of "Bakhtawar Ice Factory." The total sale consideration was determined to be Rs. 1,05,25,000, including the Rs. 39 lakhs paid to R.M. Aga. The Rs. 39 lakhs received by R.M. Aga was held to be capital gains and not business income. The ITAT dismissed the protective assessment of Rs. 39 lakhs in R.M. Aga's hands, upholding its inclusion in the sale consideration for late M.M. Aga. Case-Laws Income Tax Fri, 25 Feb 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58646