Dy. CIT v. Reliance Industries Ltd. (2024)109 ITR 180 (Mum)(Trib)

S. 45: Capital gains 1Loss 1Short-term capital loss arising from cancellation of non-cumulative compulsory convertible preference shares –Disallowance of loss is proper.

Held, that the Tribunal had held in the assessment year 2016-17 that the long-term capital loss declared by the assessee on sale of non-cumulative compulsory convertible preference shares could not be disallowed. The view taken by the Commissioner (Appeals) on this issue in the assessment year 2017-18 is  proper. (AY.2017-18, 2018-19)

Leave a Reply

Your email address will not be published. Required fields are marked *

*