Supreme Court Judgments — 2026

The Income Tax Appellate Tribunal (ITAT) allowed the assessees' appeals, concluding that no profit accrued as there was no sale or transfer of shares. It held that the allotment of new shares in an amalgamated company in lieu of shares in the amalgamating company did not amount to a 'transfer', irrespective of whether the shares were capital assets or stock-in-trade.