Itxa/546/2008 Of The Commissioner Of Income Tax-13, Mumbai v. Smt. Darshana A. Shah
High Court
09 Sep 2008 In favour of: Unclear
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Itxa/546/2008 Of The Commissioner Of Income Tax-13, Mumbai v. Smt. Darshana A. Shah
Date of order
09 Sep 2008
Assessment year(s)
—
Outcome
Other
Case summary
In Itxa/546/2008 Of The Commissioner Of Income Tax-13, Mumbai v. Smt. Darshana A. Shah, the High Court (2008) decided the matter.
Summary auto-generated from the order below — read the full judgment for the complete reasoning.
The order — as passed by the High Court
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IN THE HIGH COURT OF JUDICATURE AT BOMBAY
O.O.C.J.
INCOME-TAX APPEAL NO.546 OF 2008
...
The Commissioner of Income Tax-13
Mumbai Appellant
v/s.
Smt.Darshana A. Shah Respondent
...
Mr.A.S.Shivsaran for the Appellant.
Mr.Rafiq Dada, Sr.Counsel with Mr.Jitendra Jain &
Mr.Sumit Raghani i/b PDS Legal for the Respondent.
...
CORAM: D.K.DESHMUKH&
J.P.DEVADHAR, JJ.
DATED:19TH SEPTEMBER, 2008
P.C.:
Perusal of the terms of the contract shows that
shares were not to be handed over till full payment
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is made. In fact the authorities have found that
only advance was paid, shares were put in custody of
the solicitor who was to hold it till full payment is
made and therefore, the tribunal has held that the
advance cannot be taxed as capital gain. We see no
substantial question of law. Appeal is rejected.
(D.K.DESHMUKH, J.)
(J.P.DEVADHAR, J.)
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