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2010 (2) TMI 622 - HC - Income TaxCapital gain – Short-term capital loss – Renunciation of right to subscribe to right shares – Renunciation in favor of general Public - assessee had a right to acquire 61,26,394 rights shares at Rs. 40 per share (Rs. 10 + Rs. 30) and 28,19,500 equity shares at Rs. 55 per share as promoters' contribution at the terms to be issued to public – Transaction did not amount to transfer – notional loss – Not deductible Appeal – Income or capital – Non-competing fess – Chargeability of amount not properly analysed and considered – Appeal is allowed partly
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