Supreme Court · 2010 INSC 26 · Decided 11 January 2010
Navin Jindal v. ASSTT. Commissioner of Income Tax
- Court
- Supreme Court of India
- Citation
- 2010 INSC 26 · [2010] 1 S.C.R. 255
- Case number
- CIVIL APPEAL No. 634/2006
- Decided
- 11 January 2010
- Bench
- S.H. KAPADIA, H.L. DATTU, DEEPAK VERMA (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act
Headnote
Income Tax Act, 1961: A B c s. 48 - 'Capital gains' - Offer made to assessee­ shareholder to subscribe to Partly Convertible Debentures (PCDs) at par on Rights Basis - Assessee renouncing the right - Loss due to diminution in value of original equity shares on renunciation of right to - HELD: Rightly shown by assessee as 'short-term loss' - Revenue erred in treating the same as 'long-term loss'. The assessee in Civil Appeal No.634 of 2006 held 1500 equity shares of a Company. The Company, in E January 1992 announced issue of 12.5% equity share secured PC Os (Partly
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