https://www.taxtmi.com/caselaws?id=797293 Capital gains on redemption of preference shares must be computed using the actual and ascertainable consideration received or accruing under Section 48. The redemption amount cannot be replaced with the price paid for equity shares of the same company because the shares carry different rights, and no applicable deeming provision permits substitution. Section 50CA was inapplicable for the relevant assessment year, while Section 50D did not apply because consideration was ascertainable. A higher cost-of-acquisition claim based on capital reduction, share consolidation and cost allocation requires fresh factual verification; it is not a pure legal issue arising from the existing record and cannot be admitted as an additional ground. en-us Thu, 06 Aug 2026 00:00:00 +0530 Thu, 20 Aug 2026 08:14:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=797293 Capital gains on redemption of preference shares must be computed using the actual and ascertainable consideration received or accruing under Section 48. The redemption amount cannot be replaced with the price paid for equity shares of the same company because the shares carry different rights, and no applicable deeming provision permits substitution. Section 50CA was inapplicable for the relevant assessment year, while Section 50D did not apply because consideration was ascertainable. A higher cost-of-acquisition claim based on capital reduction, share consolidation and cost allocation requires fresh factual verification; it is not a pure legal issue arising from the existing record and cannot be admitted as an additional ground. Case-Laws Income Tax Thu, 06 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=797293