Taxpayer's Share Sale Income Classified as Business Income, Not Capital Gains, by Assessing Officer.

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....Loss in respect of renunciation of rights to subscribe to partly convertible debentures (hereafter ‘PCD’) - the income received by the Assessee from sale of shares of JSL and the renunciation of rights to subscribe to the PCDs of JISCO was rightly held by the AO as business income and not income under the head capital gains. - HC....