2010 (4) TMI 271

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.... The instant appeal filed by revenue under Section 260A of the Income-tax Act, 1961 (for brevity, 'the Act') is directed against the order dated 27.4.2009, passed by the Income Tax Appellate Tribunal, Chandigarh Bench (B), Chandigarh (for brevity, 'the Tribunal'), in ITA No. 650/Chandi/2008, in respect of the assessment year 2005-06. 2. The short issue raised before us is whether the profit eme....

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....e as investment and the surplus arising on the sale of such investment has been rightly declared by the assessee-respondent assessable under the head 'capital gains'. The view taken by the CIT (A) has been upheld. It has further been found that the income from the redemption of mutual funds declared by the assessee-respondent clubbing the income of his minor daughters could not be treated as an in....