https://www.taxtmi.com/caselaws?id=25999 The High Court of Bombay ruled that the redemption of preference shares constituted a transfer under section 2(47) of the Income-tax Act, subjecting the amount received to capital gains tax. The Court held in favor of the tax authorities, affirming the tax liability on the redemption transaction and directing the assessee to bear the costs of the reference. en-us Fri, 30 Jan 1987 00:00:00 +0530 Tue, 02 Feb 2010 11:51:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25999 The High Court of Bombay ruled that the redemption of preference shares constituted a transfer under section 2(47) of the Income-tax Act, subjecting the amount received to capital gains tax. The Court held in favor of the tax authorities, affirming the tax liability on the redemption transaction and directing the assessee to bear the costs of the reference. Case-Laws Income Tax Fri, 30 Jan 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25999