https://www.taxtmi.com/caselaws?id=27973 The High Court held that the distribution of shares by the assessee to shareholders to settle a liability resulting from share capital reduction constituted a transfer subject to capital gains tax. The Court rejected the Tribunal's view, emphasizing the consideration of market value in the transfer. The Court provided a detailed analysis, distinguishing previous cases and ruling in favor of the Revenue. en-us Tue, 24 Apr 1984 00:00:00 +0530 Wed, 17 Feb 2010 11:39:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27973 The High Court held that the distribution of shares by the assessee to shareholders to settle a liability resulting from share capital reduction constituted a transfer subject to capital gains tax. The Court rejected the Tribunal's view, emphasizing the consideration of market value in the transfer. The Court provided a detailed analysis, distinguishing previous cases and ruling in favor of the Revenue. Case-Laws Income Tax Tue, 24 Apr 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27973