The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) has reiterated that premium on redemption of preference shares is exigible to tax under the head 'Income from Capital Gains', liable to tax to the extent actually received on the redemption of shares. The Bench of N.V. Vasudevan (Vice President) and Padmavathy S (Accountant Member) held that the revenue authorities...
