Urgent----capital gain
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 December 2015
mere conversion of preference share into equity share attract capital gain or not
or
attract tax on sale of converted shares
please give me reply with suitable case laws or section
or
attract tax on sale of converted shares
please give me reply with suitable case laws or section
04 January 2016
Conversion of preference share to equity shares was understood as exchange by the AP High Court in Addl. CIT vs. Trustees of HEH Nizams' Second Supplementary Family Trust (1976) 102 ITR 248 (AP) following the reasoning of the SC in understanding the word "exchange" in CIT V. Motors and General Stores Private Limited (1967) 66 ITR 692(SC).
04 January 2016
Also refer Anarkali Sarabhai. vs CIT(SC)
Held by SC redemption of preference shares attracts capital gains.
Held by SC redemption of preference shares attracts capital gains.
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