Supreme Court of India
Navin Jindal v. Asstt. Commissioner of Income Tax
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From the headnote
Income Tax Act, 1961: 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 subscribe to additional 0 shares/debentures - 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 January 1992 announced issue of 12.5% equity share secured PC
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