Supreme Court · 1997 INSC 53 · Decided 24 January 1997
Anarkali Sarabhai, :shahibag House, Ahmedabad v. Commissioner of Income Tax, Ahmedahad
- Court
- Supreme Court of India
- Citation
- 1997 INSC 53 · [1997] 1 S.C.R. 500
- Case number
- CIVIL APPEAL No. 541/1983
- Decided
- 24 January 1997
- Bench
- S.C. AGRAWAL, S.C. SEN (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Companies Act Section 85; Income Tax Act Section 45, 2(47)
Headnote
SARABHAI, SHAHIBAG HOUSE, AHMEDABAD --~- v. COMMISSIONER OF INCOME TAX, AHMEDAHAD . JANUARY 24, 1997 B [S.C. AGRAWAL AND SUHAS C. SEN, JJ.} I Income Tax Ac~ 1961-Sections 2( 47), 45-Capital gains-Redemption of preference shares by a private limited company-Falls within the phrase "Sale, 85, iO, 77(1)(5) Redemption of preference shares-Squarely comes within the phrase-"Sale, exchange or D relinquishment" of the asset. The assessee-appellant held some redeemable pr~ference shares of a private limited company. During the accounting year relevant to the
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