https://www.taxtmi.com/caselaws?id=75838 The High Court dismissed the appeal, ruling that the forfeiture of convertible warrants did not amount to a transfer of assets under Section 45 of the Income Tax Act. The court aligned with precedent cases, emphasizing that the forfeiture resulted in the extinguishment of the assessee's rights in the company, not the destruction of the asset itself. The judgment clarified the tax implications of such forfeiture and upheld the lower authorities' decisions in favor of the assessee. en-us Wed, 20 Jan 2010 00:00:00 +0530 Thu, 15 Mar 2012 16:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=75838 The High Court dismissed the appeal, ruling that the forfeiture of convertible warrants did not amount to a transfer of assets under Section 45 of the Income Tax Act. The court aligned with precedent cases, emphasizing that the forfeiture resulted in the extinguishment of the assessee's rights in the company, not the destruction of the asset itself. The judgment clarified the tax implications of such forfeiture and upheld the lower authorities' decisions in favor of the assessee. Case-Laws Income Tax Wed, 20 Jan 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=75838