08 June 2009
THERE IS NOTHING MENTIONED IN LAW ABOUT ILLEGAL TRANSFER OF SHARES.HOWEVER IF SHARES ARE TRANSFERRED CAPITAL GAIN U/S 45(1) OR 111A IS TAXABLE.
09 June 2009
There is famous judgement stating that legality of a transaction has nothing to do with the taxation of same under tax laws. So even illegal transactions are subject to tax.
CAclubindia
