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Conversion of units of UTI into UTI tax free bonds would not be treated as transfer
Case Law Details
- Case Name
- ACIT Vs. ABC Bearing Ltd. (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2004- 05
- Courts
- ITAT Mumbai
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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 to transfer, hence there was no question of any capital gain or loss arising out of such conversion, and accordingly, the capital loss was disallowed.
· The First Appellate Authority allowed the loss, holding...
