Capital Gain on Sale of Shares cannot be treated as Income from other Sources on mere Surmises

New Delhi Television Ltd Vs ACIT (ITAT Delhi) On examination of the facts it is apparent that assessee has sold shares which were purchased by it before 13 months of a company and subsequently sold at substantially higher price to the associate concern of the assessee and disclosed the same as capital gain. It is the shares of an unlisted company which were transferred by the assessee. It is not in dispute that those shares were shown as a capital asset by the company. The CBDT circular dated 2/5/2006 speaks about the characterisation of income from transaction in listed securities as well as ...