Consideration received on Termination of Call Option Agreement that Relinquishes Purchase of Shares is Transfer under Income Tax Act Taxable as Capital Gains: ITAT [Read Order]

Consideration received - Termination - Call Option Agreement - Relinquishes Purchase of Shares - Transfer - under Income Tax Act - Taxable - Capital Gains - ITAT - taxscan

The Chennai Bench of Income Tax Appellate Tribunal (ITAT) held that according to the Income Tax Act, 1961 the consideration received upon terminating a call option agreement that foregoes the purchase of shares is a transfer and is subject to capital gains tax. The assessee in this case is M/s. Sindya Securities & Investments Pvt….

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