2000 (5) TMI 7 - HC - Income Tax

Computations of the capital gains from the sale of shares - assessee did not receive any amount in excess of the amount indicated in the sale deeds hence section 52(2) was not applicable to the facts of the case of the present assessee in computing the capital gains from the sale of shares - Tribunal was right in law in holding that the sum of Rs. 19, 982 was not taxable as the business income of the assessee from dealings in land

Summary

The High Court of Delhi ruled on a case related to the Income-tax Act, 1961. The court addressed three questions regarding capital gains and business income. The court ruled in favor of the assessee for the first two questions and in favor of the Revenue for the third question. The judgment was delivered by Judges Arijit Pasayat and D. K. Jain.