Mumbai ITAT holds that reduction in share capital amounts to a ‘transfer’ u/s 2(47) and thereby gives rise to capital gain - M/s. Carestream Health Inc.

The Hon’ble Mumbai Income-tax Appellate Tribunal (Mum ITAT) has evaluated and held that the reduction in share capital amounts to a ‘transfer’ u/s 2(47) and thereby gives rise to capital gains, if consideration is paid for such reduction.

Please find attached herewith our Tax Bulletin on the decision of the Mumbai ITAT in the case of Carestream Health Inc.

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18 Feb 2020
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