https://www.taxtmi.com/caselaws?id=59146 The Tribunal upheld the decision that capital gains arose from the sale of shares deposited as security for a debt owed by a firm, even though the sale proceeds were used to repay the loan and not directly received by the assessee. The Tribunal rejected arguments that shares were not capital assets and that the appropriation of sale proceeds towards loan repayment constituted a diversion of income by overriding title. The Tribunal emphasized that the extinguishment of the debt liability was a benefit received by the assessee, affirming the taxability of capital gains. en-us Fri, 11 Jan 1991 00:00:00 +0530 Sat, 25 Dec 2010 12:40:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59146 The Tribunal upheld the decision that capital gains arose from the sale of shares deposited as security for a debt owed by a firm, even though the sale proceeds were used to repay the loan and not directly received by the assessee. The Tribunal rejected arguments that shares were not capital assets and that the appropriation of sale proceeds towards loan repayment constituted a diversion of income by overriding title. The Tribunal emphasized that the extinguishment of the debt liability was a benefit received by the assessee, affirming the taxability of capital gains. Case-Laws Income Tax Fri, 11 Jan 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59146