2016 (8) TMI 613 - SCH - Income Tax

Share capital received from the various share-holders - nature of income - Held that - We modify the order of the High Court 2011 (9) TMI 803 - Karnataka High Court on account of share capital received from the various share-holders ought not to have been treated as business income. The High Court, therefore, in our considered view, fell into error in reversing the order of the Tribunal on the aforesaid issue. Short term capital gains with respect to property T1 and T2 and maintenance deposit - HC order confirmed

Summary

The Supreme Court granted leave and modified the High Court's order regarding treating share capital as business income. The Court found no issue with short term capital gains on property T1 and T2 and maintenance deposit. The appeals were partly allowed.