04 January 2016
Conversion of preference share to equity shares was understood as exchange by the AP High Court in Addl. CIT vs. Trustees of HEH Nizams' Second Supplementary Family Trust (1976) 102 ITR 248 (AP) following the reasoning of the SC in understanding the word "exchange" in CIT V. Motors and General Stores Private Limited (1967) 66 ITR 692(SC).
CAclubindia
