Income Tax

Background of the case In a significant ruling, the Mumbai Income Tax Appellate Tribunal (‘ITAT’), in the case of Fairbridge Capital (Mauritius) Limited, has delivered an important judgment clarifying the scope and applicability of Section 56(2)(x) of the Income-tax Act, 1961 (‘the Act’) in the context of conversion of Optionally Convertible Cumulative Redeemable Preference Shares […]

Background of the case In a recent ruling, the Supreme Court (“The Hon’ble Court”) in the case of M/s Jindal Equipment Consultancy Services Ltd (“the assessee” or “the Company”) adjudicated a batch of appeals concerning the taxability of shares received by shareholders upon amalgamation, specifically where the shares of the amalgamating company were alleged to […]

Background of the case In a recent ruling, the Supreme Court (‘SC’), in the case of Jupiter Capital Pvt Ltd (‘Company’ or ‘assessee’), examined the tax consequences of capital reduction and its treatment under the provisions of the Income Tax Act, 1961 (‘IT Act’), particularly Section 2(47) concerning the definition of ‘transfer’. The landmark judgement […]