https://www.taxtmi.com/caselaws?id=391881 The Tribunal allowed the appeal of the assessee, holding that the capital loss arising from the cancellation of shares due to the capital reduction scheme should be allowed as a long-term capital loss. The Tribunal distinguished the facts of the case from the Special Bench decision in Bennett Coleman and relied on the Supreme Court's decisions to conclude that the reduction of capital amounted to a transfer under section 2(47) of the Income Tax Act. The issue of penalty proceedings under section 271(1)(c) was deemed premature for adjudication. en-us Thu, 06 Feb 2020 00:00:00 +0530 Mon, 18 May 2020 14:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=391881 The Tribunal allowed the appeal of the assessee, holding that the capital loss arising from the cancellation of shares due to the capital reduction scheme should be allowed as a long-term capital loss. The Tribunal distinguished the facts of the case from the Special Bench decision in Bennett Coleman and relied on the Supreme Court's decisions to conclude that the reduction of capital amounted to a transfer under section 2(47) of the Income Tax Act. The issue of penalty proceedings under section 271(1)(c) was deemed premature for adjudication. Case-Laws Income Tax Thu, 06 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=391881