https://www.taxtmi.com/caselaws?id=69248 The case involved the computation of capital loss on the extinguishment of rights in shares held by an assessee-company undergoing voluntary liquidation. The disagreement between members centered on whether the rights of the assessee in the shares had been extinguished. The final decision ruled against the assessee, concluding that since the company had not been dissolved and no consideration was received for the extinguishment of rights, there was no transfer within the meaning of the IT Act, aligning with precedents requiring consideration for a transaction to be considered a transfer for capital gains tax purposes. en-us Sat, 30 Dec 1978 00:00:00 +0530 Wed, 06 Apr 2011 09:59:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69248 The case involved the computation of capital loss on the extinguishment of rights in shares held by an assessee-company undergoing voluntary liquidation. The disagreement between members centered on whether the rights of the assessee in the shares had been extinguished. The final decision ruled against the assessee, concluding that since the company had not been dissolved and no consideration was received for the extinguishment of rights, there was no transfer within the meaning of the IT Act, aligning with precedents requiring consideration for a transaction to be considered a transfer for capital gains tax purposes. Case-Laws Income Tax Sat, 30 Dec 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69248