Valuation of specified security requires merchant banker-determined fair market value on vesting for fringe benefit tax purposes. Rule 40D prescribes that for the purposes of clause (ba) of sub-section (1) of section 115WC the fair market value of any specified security not being an equity share, on the date the option vests with the employee, shall be the value determined by a merchant banker on the specified date, with 'merchant banker' and 'specified date' having the meanings assigned in sub-rule (4) of rule 40C. Rule 40C's definition of equity share is omitted.
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Provisions expressly mentioned in the judgment/order text.
Valuation of specified security requires merchant banker-determined fair market value on vesting for fringe benefit tax purposes.
Rule 40D prescribes that for the purposes of clause (ba) of sub-section (1) of section 115WC the fair market value of any specified security not being an equity share, on the date the option vests with the employee, shall be the value determined by a merchant banker on the specified date, with 'merchant banker' and 'specified date' having the meanings assigned in sub-rule (4) of rule 40C. Rule 40C's definition of equity share is omitted.
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