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Loss due to reduction in Face Value of share capital is Capital Loss
Case Law Details
- Case Name
- M/s. Jupiter Capital Pvt. Ltd. Vs ACIT (ITAT Banglore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Bangalore
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M/s. Jupiter Capital Pvt. Ltd. Vs ACIT (ITAT Banglore)
Section 2(47) is containing an inclusive definition and inter alia, it provides that relinquishment of an asset or extinguishment of any right there in amounts to a transfer of a capital asset.
No doubt true that the assessee continues to remain a shareholder of the company even after the reduction of a share capital but it is not possible to accept the contention that there has been no extinguishment of any part of his right as a shareholder qua the company
The reduction of share capital of a company by way of reducing th...
