The assessee had purchased preference shares of Flagship company during year-2008-09 and sold these preference shares during assessment year-2015-16 and claimed long-term capital loss which was allowed. The reassessment  notice was issued on ground that long-term capital loss should be disallowed as transaction was not regarded as transfer within meaning of section 47(iv) and (v). On writ allowing the petition the Court held that  the assessee had not sold preference shares but same were redeemed by company, and due to extinguishment of rights, capital loss was claimed, jurisdictional conditions for issuance of reopening notice were not satisfied and reassessment was quashed. SLP of Revenue is dismissed.  (AY. 2015-16)