Capital Gain ::
Last updated: 14 January 2008
Court :
HC
Brief :
Held by the Hon`ble Bench that as per section 55(2) clause (aa) in case assessee becomes entitled to an additional financial asset by virtue of original holding of shares the cost of acquisition of the original shares cannot be spread over for calculating the capital gain.
Citation :
Bharat S.Shah Vs. J.C.I.T.
Capital gain
Bharat S.Shah Vs. J.C.I.T.
03/16/2006
(2006) 285 ITR 174 (Mumbai)
Case Fact:
Whether original cost of shares is to be spread over for the purpose of working out capital gain on sale of triple option convertible debentures acquired by virtue of original holding of shares?
Decision:
Held by the Hon`ble Bench that as per section 55(2) clause (aa) in case assessee becomes entitled to an additional financial asset by virtue of original holding of shares the cost of acquisition of the original shares cannot be spread over for calculating the capital gain.
CA.Saibaburao Nanduri
Published in Income Tax
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