https://www.taxtmi.com/caselaws?id=760108 Gujarat HC allowed revision application under section 264 regarding LTCG on extinguishment of shares following NCLT order. Petitioner had not originally claimed loss on extinguishment of Garden Silk shares but filed timely revision petition. HC found that Principal Commissioner should have considered the claim on merits rather than dismissing it. Following precedents from Bombay HC and earlier Gujarat HC decisions, the court quashed the impugned order and remanded the matter to Principal Commissioner Surat-I for fresh consideration of the revision petition on merits with proper hearing opportunity. en-us Tue, 01 Oct 2024 00:00:00 +0530 Tue, 15 Oct 2024 10:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760108 Gujarat HC allowed revision application under section 264 regarding LTCG on extinguishment of shares following NCLT order. Petitioner had not originally claimed loss on extinguishment of Garden Silk shares but filed timely revision petition. HC found that Principal Commissioner should have considered the claim on merits rather than dismissing it. Following precedents from Bombay HC and earlier Gujarat HC decisions, the court quashed the impugned order and remanded the matter to Principal Commissioner Surat-I for fresh consideration of the revision petition on merits with proper hearing opportunity. Case-Laws Income Tax Tue, 01 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760108