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2007 (7) TMI 230 - HC - Income TaxWhether the capital loss can be claimed in respect of transfer of rights issue in a case where the assessee sold its right to subscribe to partially convertible debentures – held that market value of the rights issue had to be reckoned regardless of whether the sale contribution of the rights was less than the notional loss or not - assessee is entitled to claim the capital loss that had arisen due to transfer of rights issue to partially convertible debentures – revenue’s appeal dismissed
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