Friday 1 November 2013

Cap. gains from sale of shares if buyer intended to acquire controlling interest and held shares for

IT: Where assessee by purchasing shares of company also acquired a right to manage it and, moreover, it kept those shares for a period of 31 months before selling them, it was to be concluded that entire transaction was on capital account and, thus, income arising from sale of shares was to be taxed as 'capital gains'


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