Whether reduction in share capital amounts to a transfer if consideration is paid

M/s. Carestream Health Inc. vs. DCIT (ITAT Mumbai)

Mumbai ITAT Ruling: Whether reduction in share capital amounts to a transfer and thereby gives rise to capital gains, if consideration is paid for such reduction?

Facts of the case:

– Carestream Health Inc. (taxpayer or the assessee) is a tax resident and company incorporated in the United States (USA). Carestream Health Pvt. Ltd. (CHIPL)

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