The Bombay High Court in the case of CIT vs. Enam Securities (P.) Ltd., reported
in 208 Taxman 54 held that, redemption of preference shares amounts to transfer
within the meaning of Section 2(47) of the Act. The High Court further held that,
redeemable preference shares are not bonds or debentures and therefore, at the
time of redemption of those shares, the assessee would be entitled to benefit of
indexation u/s.48 of the Act.
in 208 Taxman 54 held that, redemption of preference shares amounts to transfer
within the meaning of Section 2(47) of the Act. The High Court further held that,
redeemable preference shares are not bonds or debentures and therefore, at the
time of redemption of those shares, the assessee would be entitled to benefit of
indexation u/s.48 of the Act.
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