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India: Capital reduction through share cancellation resulted in transfer of capital asset (Supreme Court decision)

Transfer potentially created capital gain or loss in hands of shareholders

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January 13, 2025

The Supreme Court held that a reduction in share capital of a company through share cancellation, in which the shareholders received consideration for the reduction, resulted in a transfer of a capital asset (i.e., shares or rights in shares) potentially creating capital gain or loss in the hands of the shareholders.

The case is: PCIT v. Jupiter Capital Pvt Ltd

Read a January 2025 report prepared by the KPMG member firm in India 

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