Bombay High Court Allows Revenue's Appeal on Indexation Benefit for Redemption of Non-Cumulative Preference Shares. Redemption of preference shares is a 'transfer' under Section 2(47) of the Income Tax Act, 1961, and indexation benefit under Section 48 is not available as preference shares are in the nature of debt.
27 Apr 2012The appeal by the Revenue under Section 260A of the Income Tax Act, 1961, arose from a decision of the Income Tax Appellate Tribunal dated 19 December...






