1998 (2) TMI 121

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..... ether the amount of Rs. 2,48,348 is a capital receipt or a revenue receipt. In the decision, based on the appreciation of the evidence and whether it should be taxed or not, the Tribunal has followed the decision of the apex court in Miss Dhun Dadabhoy Kapadia v. CIT [1967] 63 ITR 651 and the decision of this court in CIT v. Oberoi Building and Investment P. Ltd. [1993] 203 ITR 403. We issued ru .....

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..... has accepted the cost of debentures at "nil", but he taxed the entire amount of Rs. 2,48,348 as capital gain. In appeal before the Commissioner of Income-tax (Appeals), the Commissioner of Income-tax (Appeals) has treated the same as a revenue receipt and taxed as such. In appeal before the Tribunal, the Tribunal has treated this receipt against the capital assets and following the decision of t .....

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..... e received against capital assets. When the fact is not in dispute, that the debentures are received against capital assets, receipt of the amount of Rs. 2,48,348 can be treated at the most as capital gains, but in view of the decision relied upon by the Tribunal that in a case where there is a fall in the capital value of the assets, in the form of shares, if any amount is received and including .....

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