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1 - 9 of 9 (0.51 seconds)Commissioner Of Income Tax vs Pnb Finance & Industries Ltd. on 18 October, 2010
The same principle has been earlier reiterated by Hon'ble
Bombay High Court in CIT vs. Gopal Purohit (supra) and Delhi High
Court in CIT vs. PNB Finance & Industries Ltd. (supra) Accordingly, on
facts and circumstances of the case we hold that Ld. CIT (A) has
rightly held that redemption of units of mutual funds is to be taxed as
14
capital gains and not as business. In the result ground No. 1 raised
by the revenue is dismissed.
Jawahar B. Purohit, Mumbai vs Asst Cit Cen Cir 22Xc, Mumbai on 20 September, 2017
The same principle has been earlier reiterated by Hon'ble
Bombay High Court in CIT vs. Gopal Purohit (supra) and Delhi High
Court in CIT vs. PNB Finance & Industries Ltd. (supra) Accordingly, on
facts and circumstances of the case we hold that Ld. CIT (A) has
rightly held that redemption of units of mutual funds is to be taxed as
14
capital gains and not as business. In the result ground No. 1 raised
by the revenue is dismissed.
Section 6 in The Indian Partnership Act, 1932 [Entire Act]
Section 11 in The Indian Partnership Act, 1932 [Entire Act]
Section 12 in The Indian Partnership Act, 1932 [Entire Act]
The Income Tax Act, 1961
Section 263 in The Income Tax Act, 1961 [Entire Act]
The Indian Partnership Act, 1932
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