Faceless reassessment jurisdiction turned on retrospective AO definition, with later faceless-assessment changes treated as clarificatory and procedur...
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Consideration received on repurchase of vested but unexercised employee stock options is characterised as long-term capital gains rather than a salary perquisite. Section 17(2)(vi) applies to specified securities allotted or transferred by an employer and requires valuation upon exercise of the option. An unexercised option is only a right to subscribe for shares; where no option is exercised and no shares are allotted, no specified security arises and no taxable perquisite can be valued. The right is a capital asset, and its repurchase is a transfer. Form 16, TDS and indicative tax statements cannot determine liability contrary to law.
Consideration received on repurchase of vested but unexercised employee stock options is characterised as long-term capital gains rather than a salary perquisite. Section 17(2)(vi) applies to specified securities allotted or transferred by an employer and requires valuation upon exercise of the option. An unexercised option is only a right to subscribe for shares; where no option is exercised and no shares are allotted, no specified security arises and no taxable perquisite can be valued. The right is a capital asset, and its repurchase is a transfer. Form 16, TDS and indicative tax statements cannot determine liability contrary to law.
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