https://www.taxtmi.com/caselaws?id=245081 Whether receipt of additional shares at below fair market value attracts tax as receipt of property: the note explains that shares are `property` for the purpose of the provision, and a right to acquire shares can be taxed once allotment gives rise to shares; outcome-provision can apply to such transactions. Whether decline in value of existing holdings alters chargeability: the analysis reasons that the value of additional shares derives from existing shareholding and any decline must be considered; outcome-after accounting for proportional decline, no taxable income arose. Whether proportionate allotment is a rights issue: the piece finds rights issue elements but no renunciation rights; outcome-proportionate allotment did not create additional taxable property. en-us Wed, 12 Mar 2014 00:00:00 +0530 Wed, 11 Feb 2026 17:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=245081 Whether receipt of additional shares at below fair market value attracts tax as receipt of property: the note explains that shares are `property` for the purpose of the provision, and a right to acquire shares can be taxed once allotment gives rise to shares; outcome-provision can apply to such transactions. Whether decline in value of existing holdings alters chargeability: the analysis reasons that the value of additional shares derives from existing shareholding and any decline must be considered; outcome-after accounting for proportional decline, no taxable income arose. Whether proportionate allotment is a rights issue: the piece finds rights issue elements but no renunciation rights; outcome-proportionate allotment did not create additional taxable property. Case-Laws Income Tax Wed, 12 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=245081