https://www.taxtmi.com/caselaws?id=352037 For assessment year 2014-15, unlisted shares held for 23 months were treated as long-term capital assets, as the then-applicable period under section 2(42A) was 12 months and the later 36-month rule for unlisted shares operated prospectively. The Tribunal also held that section 50D could not justify substitution of a notional fair market value where the transfer consideration was ascertainable under the contractual arrangements, so the capital gains had to be recomputed on the revised per-share value. By contrast, interest on borrowings used to acquire rights shares could not be capitalised, because section 55(2)(aa)(iii) confines cost of acquisition to the amount actually paid. en-us Fri, 01 Dec 2017 00:00:00 +0530 Thu, 03 Jul 2025 10:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352037 For assessment year 2014-15, unlisted shares held for 23 months were treated as long-term capital assets, as the then-applicable period under section 2(42A) was 12 months and the later 36-month rule for unlisted shares operated prospectively. The Tribunal also held that section 50D could not justify substitution of a notional fair market value where the transfer consideration was ascertainable under the contractual arrangements, so the capital gains had to be recomputed on the revised per-share value. By contrast, interest on borrowings used to acquire rights shares could not be capitalised, because section 55(2)(aa)(iii) confines cost of acquisition to the amount actually paid. Case-Laws Income Tax Fri, 01 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352037