https://www.taxtmi.com/caselaws?id=460097 The court upheld the Tribunal's decision to allow the capital loss claimed by the assessee, dismissing the Revenue's appeal. The Tribunal correctly determined that the reduction in the number of shares, ordered by the HC of Bombay, constituted an extinguishment of rights under Section 2(47) of the Income Tax Act. Despite no change in the face value of the shares, the significant reduction in redeemable value justified the capital loss. The court found the Revenue's argument regarding unchanged voting power unpersuasive, affirming the assessee's position and the Tribunal's interpretation. en-us Mon, 20 Feb 2023 00:00:00 +0530 Thu, 06 Feb 2025 14:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460097 The court upheld the Tribunal's decision to allow the capital loss claimed by the assessee, dismissing the Revenue's appeal. The Tribunal correctly determined that the reduction in the number of shares, ordered by the HC of Bombay, constituted an extinguishment of rights under Section 2(47) of the Income Tax Act. Despite no change in the face value of the shares, the significant reduction in redeemable value justified the capital loss. The court found the Revenue's argument regarding unchanged voting power unpersuasive, affirming the assessee's position and the Tribunal's interpretation. Case-Laws Income Tax Mon, 20 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460097