Risk-based postal import clearance standardises electronic assessment, document requests, duty realisation and delivery controls at Foreign Post Offic...
Customs Cargo Service Provider appointment extends custodianship to additional terminal land, subject to cargo-control, security and licence condition...
Post-search scrutiny assessment remains available where original assessment limitation is unexpired, permitting timely completion under regular assess...
The case involves the interpretation of u/s 55(2)(b)(i) and u/s 55(2)(aa)(B)(iiia) of the Income Tax Act regarding the cost of acquisition of bonus shares. The Tribunal held that the legislative intent of u/s 55(2)(aa)(B)(iiia) is clear - capital gains on transfer of bonus shares should be computed with a cost of nil if conditions are met. The term "allotted" in sub-clause (iiia) refers to past allotment without specifying a date. The Tribunal rejected the argument that sub-clause (iiia) applies only to shares allotted post-1-4-1995. Referring to Dept. Circular No. 717, the Tribunal emphasized the simplicity of computation intended by the amendment. The Tribunal found that u/s 55(2)(b) applies to financial assets where a price is paid, not to bonus shares acquired without payment. Applying u/s 55(2)(b)(i) to bonus shares would render u/s 55(2)(aa)(B)(iiia) redundant. The Tribunal dismissed the appeal, noting the distinction between capital assets and bonus shares.
The case involves the interpretation of u/s 55(2)(b)(i) and u/s 55(2)(aa)(B)(iiia) of the Income Tax Act regarding the cost of acquisition of bonus shares. The Tribunal held that the legislative intent of u/s 55(2)(aa)(B)(iiia) is clear - capital gains on transfer of bonus shares should be computed with a cost of nil if conditions are met. The term "allotted" in sub-clause (iiia) refers to past allotment without specifying a date. The Tribunal rejected the argument that sub-clause (iiia) applies only to shares allotted post-1-4-1995. Referring to Dept. Circular No. 717, the Tribunal emphasized the simplicity of computation intended by the amendment. The Tribunal found that u/s 55(2)(b) applies to financial assets where a price is paid, not to bonus shares acquired without payment. Applying u/s 55(2)(b)(i) to bonus shares would render u/s 55(2)(aa)(B)(iiia) redundant. The Tribunal dismissed the appeal, noting the distinction between capital assets and bonus shares.
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