https://www.taxtmi.com/caselaws?id=29327 The court held that the redemption of preference shares constitutes a transfer under Section 2(47) of the Income-tax Act, attracting capital gains tax under Section 45. The court ruled against taxing capital gains from the sale of shares by a trust in the hands of the beneficiary, following precedent. As a result, the issue of relief under Section 80T was not addressed. The reference was answered in favor of the assessee, with costs awarded to the Revenue. A certificate of fitness for appeal to the Supreme Court was granted due to conflicting views among High Courts. en-us Tue, 22 Jun 1982 00:00:00 +0530 Fri, 12 Mar 2010 12:07:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29327 The court held that the redemption of preference shares constitutes a transfer under Section 2(47) of the Income-tax Act, attracting capital gains tax under Section 45. The court ruled against taxing capital gains from the sale of shares by a trust in the hands of the beneficiary, following precedent. As a result, the issue of relief under Section 80T was not addressed. The reference was answered in favor of the assessee, with costs awarded to the Revenue. A certificate of fitness for appeal to the Supreme Court was granted due to conflicting views among High Courts. Case-Laws Income Tax Tue, 22 Jun 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29327