5 results for “capital gains”+ Section 253(4)clear
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In the result, the appeal of the assessee is allowed
Bench: Shri Sunil Kumar Singh & Shri Brajesh Kumar Singh[Assessment Year: 2009-10]
253 (SC) and the decision of Merino Ply and Chemicals Ltd. vs CIT (1994) 209 ITR 508 (Cal) and observed that in this case the grant received by the assessee was to discharge its trading liability and thus it constituted trading receipt and not capital receipts as claimed by the assessee. The AO held that the subject receipt was clearly