Validity of reopening of assessment u/s 147 - A capital loss can never arise on the acquisition of...

Validity of reopening of assessment u/s 147 - A capital loss can never arise on the acquisition of shares but only on the transfer or sale of shares. In the second set of reasons as reproduced in the order rejecting the objections, it is stated that petitioner has sold preference shares resulting into long term capital loss. As noted in the earlier part of this order, petitioner has not sold the preference shares but the shares were redeemed by Greatship India Ltd. and since on redemption there ..... .....

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