Conversion of units of UTI into UTI tax free bonds would not be treated as transfer

Citation : ACIT Vs. ABC Bearing Ltd. ITA No. 6430/Mum/2007,  July 16, 2010

Court : ITAT Mumbai

Background

· ABC Bearing Limited (“ABC”) claimed a capital loss on account of conversion of units of Unit Trust of India (“UTI”) US – 64 into UTI 6.75% Tax Free Bonds.

· Assessing Officer (“AO”) was of the view that conversion of units into bonds did not amount

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