https://www.taxtmi.com/caselaws?id=29326 The court held that the reduction of preference share capital resulted in the extinguishment of the shareholder's rights, and the profits or gains arising from such extinguishment are chargeable to capital gains tax under the Income Tax Act. The court granted a certificate of fitness for appeal to the Supreme Court. The Tribunal's decisions in I.T.R. No. 68/76 and I.T.R. No. 369 were upheld, finding the assessee liable for capital gains tax on the reduction of preference share capital. en-us Thu, 06 Aug 1981 00:00:00 +0530 Sat, 14 Dec 2019 12:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29326 The court held that the reduction of preference share capital resulted in the extinguishment of the shareholder's rights, and the profits or gains arising from such extinguishment are chargeable to capital gains tax under the Income Tax Act. The court granted a certificate of fitness for appeal to the Supreme Court. The Tribunal's decisions in I.T.R. No. 68/76 and I.T.R. No. 369 were upheld, finding the assessee liable for capital gains tax on the reduction of preference share capital. Case-Laws Income Tax Thu, 06 Aug 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29326