- 1 - 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 - 2 - 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.)