https://www.taxtmi.com/caselaws?id=371548 The Tribunal allowed the appeal filed by the assessee, holding that the claim for capital loss on account of reduction in share capital in ANNPL was allowable. The decision was based on the judgment in Kartikeya V. Sarabhai case, which established that relinquishment or extinguishment of any right amounts to a transfer of a capital asset under Section 2(47) of the Income Tax Act. The Tribunal found that the CIT (A) erred in distinguishing the Kartikeya V. Sarabhai case and concluded that the assessee was entitled to claim the capital loss. en-us Thu, 29 Nov 2018 00:00:00 +0530 Thu, 06 Dec 2018 08:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371548 The Tribunal allowed the appeal filed by the assessee, holding that the claim for capital loss on account of reduction in share capital in ANNPL was allowable. The decision was based on the judgment in Kartikeya V. Sarabhai case, which established that relinquishment or extinguishment of any right amounts to a transfer of a capital asset under Section 2(47) of the Income Tax Act. The Tribunal found that the CIT (A) erred in distinguishing the Kartikeya V. Sarabhai case and concluded that the assessee was entitled to claim the capital loss. Case-Laws Income Tax Thu, 29 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371548