Taxability of Compensation for cancellation of right issue of fully convertible debentures & allotment of shares

SUPREME COURT OF INDIA Commissioner of Income-tax, Kolkata versus Vasudhara Holdings Ltd. CIVIL APPEAL NO. 6106 OF 2012 SPECIAL LEAVE TO APPEAL (CIVIL) NO. 16866 OF 2008 AUGUST 28, 2012 JUDGMENT 1. Heard learned counsel on both sides. 2. Delay condoned. Leave granted. 3. The question which arises for determination in this civil appeal filed by the Department is as follows: “Whether the sum of Rs. 75,00,000/- received by the assessee as compensation from M/s. Jenson and Nicholson Limited under consent decree dated 1st September, 1998, in Suit No. 321B of 1996 passed by th...