https://www.taxtmi.com/caselaws?id=59893 The Tribunal upheld the departmental authorities' decision to reject the capital loss claim related to shares held in a company. It was determined that despite the company's liquidation and nationalization, the shareholders' rights were not extinguished, as confirmed by the High Court's order. The Tribunal emphasized that a mere decrease in share value does not constitute a transfer of the capital asset. The provisions of sections 46(2) and 48 were deemed inapplicable as no assets or money were received by the shareholder from the liquidated company. The appeal was dismissed based on the lack of transfer and shareholder receipt, with detailed legal analysis provided. en-us Wed, 31 Jan 1996 00:00:00 +0530 Sat, 01 Jan 2011 16:47:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59893 The Tribunal upheld the departmental authorities' decision to reject the capital loss claim related to shares held in a company. It was determined that despite the company's liquidation and nationalization, the shareholders' rights were not extinguished, as confirmed by the High Court's order. The Tribunal emphasized that a mere decrease in share value does not constitute a transfer of the capital asset. The provisions of sections 46(2) and 48 were deemed inapplicable as no assets or money were received by the shareholder from the liquidated company. The appeal was dismissed based on the lack of transfer and shareholder receipt, with detailed legal analysis provided. Case-Laws Income Tax Wed, 31 Jan 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59893