Case Law Details
Case Name : Navin Jindal Vs. ACIT in Civil Appeal No. 634 of 2006 (Supreme Court of India)
Appeal Number : 11/01/2010
Date of Judgement/Order :
Related Assessment Year :
Courts :
Supreme Court of India
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Background
- The assessee held certain number of equity shares in a listed Indian Company and the company issued equity secured partly convertible debentures (PCDs) for cash at par to its shareholders on right basis.
- The assessee received an offer to subscribe such PCDs on right basis which he renounced in favor of a buyer against a consideration.
- The assessee claimed loss on account of diminution in the value of his original equity shares (being the difference between the cum-right price per share and the ex- rights price per share) based on an earlier Supreme Court decision in case of Miss Dhun Dadabhoy Kapadia Vs CIT (63 ITR 651) against the consideration received from the buyer on account of such renunciation of right.
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