Bombay HC Upholds Tribunal Decision on Long-Term Capital Loss

The Bombay HC dismissed the Revenue's appeal for the Assessment Year 1998-99 on long term capital loss on preference shares redemption, upholding the Tribunal's decision citing the precedent in Anarkali Sarabhai v/s. Commissioner of Income Tax.

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The Bombay High Court dismissed the Revenue's appeal for the Assessment Year 1998-99 regarding the long term capital loss on redemption of preference shares. The Tribunal's decision was upheld based on the precedent set by the Apex Court in Anarkali Sarabhai v/s. Commissioner of Income Tax.

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