https://www.taxtmi.com/caselaws?id=59474 The Tribunal ruled in favor of the assessee regarding the non-allowance of long-term capital loss on the transfer of 7% capital investment bonds. It held that the redemption of capital bonds constitutes a transfer under section 2(47), emphasizing that extinguishment of rights in a capital asset qualifies as a transfer. The Tribunal disagreed with the CIT(A)'s stance that there was no asset post-redemption, citing a High Court decision. Consequently, it determined that the redemption of bonds triggers capital gain/loss, overturning the previous decisions and supporting the assessee's position. en-us Fri, 14 Oct 2005 00:00:00 +0530 Wed, 29 Dec 2010 19:04:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59474 The Tribunal ruled in favor of the assessee regarding the non-allowance of long-term capital loss on the transfer of 7% capital investment bonds. It held that the redemption of capital bonds constitutes a transfer under section 2(47), emphasizing that extinguishment of rights in a capital asset qualifies as a transfer. The Tribunal disagreed with the CIT(A)'s stance that there was no asset post-redemption, citing a High Court decision. Consequently, it determined that the redemption of bonds triggers capital gain/loss, overturning the previous decisions and supporting the assessee's position. Case-Laws Income Tax Fri, 14 Oct 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59474