MUMBAI: The income-tax appellate tribunal (ITAT) has allowed a long-term capital loss of Rs 2,047 crore within the arms of Tata Sons for the monetary 12 months 2008-09. It quashed a revisionary order that was handed by the principal commissioner of income-tax in opposition to this loss-claim.
The loss arose owing to the discount of paid-up share capital of Tata TeleServices (TTSL) underneath a court docket accredited scheme.TTSL was engaged within the enterprise of offering telecom providers. Within the years previous to 2008-09, it incurred substantial losses which had resulted in a big a part of its paid-up share capital being utilised to finance/bear the loss. A scheme of restructuring was entered into by TTSL with its shareholders.
Tata Sons held 288,13,17,286 shares in TTSL, which was diminished to half on cancellation of the fairness shares, pursuant to a scheme of association underneath the provisions of the Firms Act, which was accredited by the Delhi excessive court docket. In its I-T return for 2008-09, Tata Sons confirmed long-term capital losses of Rs 2,047 crore on account of discount of its shareholding in Tata TeleServices.
The loss arose owing to the discount of paid-up share capital of Tata TeleServices (TTSL) underneath a court docket accredited scheme.TTSL was engaged within the enterprise of offering telecom providers. Within the years previous to 2008-09, it incurred substantial losses which had resulted in a big a part of its paid-up share capital being utilised to finance/bear the loss. A scheme of restructuring was entered into by TTSL with its shareholders.
Tata Sons held 288,13,17,286 shares in TTSL, which was diminished to half on cancellation of the fairness shares, pursuant to a scheme of association underneath the provisions of the Firms Act, which was accredited by the Delhi excessive court docket. In its I-T return for 2008-09, Tata Sons confirmed long-term capital losses of Rs 2,047 crore on account of discount of its shareholding in Tata TeleServices.
