Genesis Indian Investment Co. Ltd. v. CIT(A) (2013)
Interest received by assessee from company for delay in completion of the process of buy-back of shares under open offer to be deemed as capital gain and not interest income in the hands of Assessee.
It was not a case of delay in making the payment of the determined consideration after the transaction of purchase of sale was over. Thus, this additional amount received by the assessee being interest was part of sale consideration and, accordingly, would be treated as part of capital gain and not the income from interest
Interest received by assessee from company for delay in completion of the process of buy-back of shares under open offer to be deemed as capital gain and not interest income in the hands of Assessee.
It was not a case of delay in making the payment of the determined consideration after the transaction of purchase of sale was over. Thus, this additional amount received by the assessee being interest was part of sale consideration and, accordingly, would be treated as part of capital gain and not the income from interest
No comments:
Post a Comment