(59) PRINCIPAL COMMISSIONER OF INCOME TAX-4 AND ANOTHER Vs. M/S. JUPITER CAPITAL PVT. LTD.[SUPREME COURT OF INDIA] 02-01-2025
Income Tax Act, 1961 — Section 2(47) — Respondent an investment company, held 99.88% of Asianet News Network Pvt. Ltd. (ANNPL) shares — Due to losses, ANNPL reduced its share capital, resulting in a reduction of respondent's shares from 153,340,900 to 9,988, while the face value remained at Rs. 10. Jupiter received Rs. 3,17,83,474 as consideration —Respondent claimed a long-term capital loss due to this reduction, which was initially disallowed by the Assessing Officer — The primary issue was wh
India Law Library Docid # 2421418