https://www.taxtmi.com/caselaws?id=16763 The court held that the reorganization of capital by passing a resolution constituted a transfer of shares under section 2(47) of the Income-tax Act. It concluded that the irredeemable preference shares were acquired on September 30, 1971, and not before. Additionally, the court determined that the capital loss on the sale of irredeemable cumulative preference shares qualified as a short-term capital loss. Referencing relevant legal precedents, including the Companies Act and Supreme Court decisions, the court ruled in favor of the assessee, upholding the Tribunal's decision. en-us Mon, 08 Jun 1998 00:00:00 +0530 Sat, 12 Sep 2009 11:31:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16763 The court held that the reorganization of capital by passing a resolution constituted a transfer of shares under section 2(47) of the Income-tax Act. It concluded that the irredeemable preference shares were acquired on September 30, 1971, and not before. Additionally, the court determined that the capital loss on the sale of irredeemable cumulative preference shares qualified as a short-term capital loss. Referencing relevant legal precedents, including the Companies Act and Supreme Court decisions, the court ruled in favor of the assessee, upholding the Tribunal's decision. Case-Laws Income Tax Mon, 08 Jun 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16763