The Assessee would be entitled to benefit of indexation under section 48 at the time of redemption of redeemable preference shares. Facts The assessee had subscribed to the purchase of 4 lakh preference shares each of Rs. 100/- of Enam Finance Consultants Pvt. Ltd. in 1992. The preference shares were to carry a dividend of […]
ANARKALI SARABHAI V. CIT 224 ITR 422 (SC), [1997] 90 TAXMAN 509 (SC)
The Supreme Court held that redemption of preference shares amounted to ‘sale, exchange or relinquishment of asset’ within meaning of section 2(47)(i) Facts of the Case The assessee is an individual and the assessment year under reference is AY 1969-70. The assessee held 297 redeemable preference shares of Universal Corporation Private Limited a company incorporated […]