Back
J. B. PARDIWALA, R. MAHADEVAN
Principal Commissioner Of Income Tax-4 – Appellant
Versus
Jupiter Capital Pvt. Ltd – Respondent
ORDER :
1. Delay condoned.
2. This petition is at the instance of the Revenue, seeking leave to appeal against the judgement and order dated 20.02.2023 passed by the High Court of Karnataka at Bengaluru in Income Tax Appeal (ITA) No. 299 of 2019 by which the appeal filed by the Revenue against the judgement and order passed by the ITAT Bengaluru came to be dismissed and thereby the judgement and order passed by the ITAT came to be affirmed.
3. The appeal was admitted by the High Court on the following substantial question of law:
4. It appears from the materials on record that the respondent-assessee is a company engaged in the business of investing in shares, leasing, financing and money lending. The assessee had made an investment in Asianet News Network Pvt. Ltd., an Indian compa
Reduction of share capital constitutes a transfer under Section 2(47) of the Income Tax Act, allowing for the recognition of capital loss due to extinguishment of shareholder rights.
Selective reduction of share capital under Section 66 permissible by extinguishing public shareholder holdings at fair value, justified for delisted illiquid shares and untraceable investors, without....
Loss-making company can reduce share capital selectively, pay shareholders, and write off losses with shareholder approval; Tribunal's role supervisory.
Tribunal sanctioned share capital reduction to offset accumulated losses where special resolution passed by requisite majority, sole creditor consented, authorities raised no objections, and proposal....
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
Scan Me!
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
