Supreme Court of India
Principal Commissioner of Income Tax-4 & Anr. v. M/s Jupiter Capital Pvt. Ltd.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
In view of the aforesaid, we are of the view that the reduction in share capital of the subsidiary company and subsequent proportionate reduction in the shareholding of the assessee would be squarely covered within the ambit of the expression “sale, exchange or relinquishment of the asset” used in Section 2(47) the Income Tax Act, 1961.
Judgment, page 15
From the headnote
Issue for Consideration Whether reduction in share capital is covered under “sale, exchange or relinquishment of the asset” used in Section 2(47) of the Income Tax Act, 1961. Headnotes† Income Tax Act, 1961 – s.2(47) – “sale, exchange or relinquishment of the asset” – Reduction in share capital, if covered within the expression “sale, exchange or relinquishment of the asset”: Held: Yes – Reduction in share capital of the subsidiary company and subsequent proportionate reduction in the shareholding of the assessee, is squarely covered within the ambit of the expression “sale, exchange or
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