1997 (1) TMI 28 - HC - Income Tax

Summary

The High Court of Bombay ruled that the surplus from the sale of shares and a flat constituted long-term capital gains eligible for relief under section 80T(b)(i) of the Income-tax Act, 1961, not under section 80T(b)(ii). The Tribunal's decision was overturned accordingly. The second question was not addressed as a result.