https://www.taxtmi.com/caselaws?id=59279 The Tribunal held that the conversion of bonds into equity shares constituted a transfer under the Income Tax Act, resulting in capital gains for the assessee. Despite the argument that no transfer occurred as there was no sale or exchange, the Tribunal emphasized that the voluntary conversion extinguished the assessee's rights in the bonds, meeting the Act's definition of transfer. Citing precedent and distinguishing the case from other scenarios, the Tribunal upheld the levy of capital gains, affirming that the conversion triggered tax liability. en-us Tue, 31 Jul 1984 00:00:00 +0530 Mon, 27 Dec 2010 15:58:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59279 The Tribunal held that the conversion of bonds into equity shares constituted a transfer under the Income Tax Act, resulting in capital gains for the assessee. Despite the argument that no transfer occurred as there was no sale or exchange, the Tribunal emphasized that the voluntary conversion extinguished the assessee's rights in the bonds, meeting the Act's definition of transfer. Citing precedent and distinguishing the case from other scenarios, the Tribunal upheld the levy of capital gains, affirming that the conversion triggered tax liability. Case-Laws Income Tax Tue, 31 Jul 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59279