https://www.taxtmi.com/caselaws?id=56486 The ITAT ruled in favor of the revenue, reversing the CIT(A)'s decision to allow the long-term capital loss incurred on the sale of shares. The ITAT emphasized the invalidity of the share transfer under the Companies Act due to the sister concern's winding-up order, highlighting the rights of fully paid-up shareholders in such scenarios. The decision underscored the importance of transactions aligning with legal provisions, disregarding the encumbered nature of the shares and residuary rights involved. The potential tax-saving aspect of the transaction was acknowledged but not further explored, leading to the dismissal of the long-term capital loss claim. en-us Fri, 28 Oct 2005 00:00:00 +0530 Tue, 07 Feb 2017 16:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56486 The ITAT ruled in favor of the revenue, reversing the CIT(A)'s decision to allow the long-term capital loss incurred on the sale of shares. The ITAT emphasized the invalidity of the share transfer under the Companies Act due to the sister concern's winding-up order, highlighting the rights of fully paid-up shareholders in such scenarios. The decision underscored the importance of transactions aligning with legal provisions, disregarding the encumbered nature of the shares and residuary rights involved. The potential tax-saving aspect of the transaction was acknowledged but not further explored, leading to the dismissal of the long-term capital loss claim. Case-Laws Income Tax Fri, 28 Oct 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56486