Landmark JudgmentSupreme Court of IndiaJindal Equipment Leasing v. CIT: shares received in amalgamation can be Section 28 business incomeOn 9 January 2026, a two-judge bench held that shares received in an amalgamation in substitution of stock-in-trade are taxable as business income under Section 28; Section 47(vii) is confined to capital assets.Valkya Editorial·1 Jun 2026·9 min