https://www.taxtmi.com/caselaws?id=411723 For GDRs and FCCBs issued under the 1993 Scheme, capital gains on redemption or conversion into equity shares were to be computed under clause 7(3) and 7(4) of that Scheme. Those provisions fixed the cost of acquisition by reference to the market price of the underlying shares on the redemption date, or the conversion price linked to the share price on the conversion date. The Tribunal noted that binding precedent treated the Scheme-based method as governing these instruments, and that section 49(2A) did not displace that treatment for such transactions. The statutory computation under section 49(2A) read with sections 47(x), 47(xa) and 115AC was therefore not applied. en-us Mon, 16 Aug 2021 00:00:00 +0530 Thu, 02 Sep 2021 11:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411723 For GDRs and FCCBs issued under the 1993 Scheme, capital gains on redemption or conversion into equity shares were to be computed under clause 7(3) and 7(4) of that Scheme. Those provisions fixed the cost of acquisition by reference to the market price of the underlying shares on the redemption date, or the conversion price linked to the share price on the conversion date. The Tribunal noted that binding precedent treated the Scheme-based method as governing these instruments, and that section 49(2A) did not displace that treatment for such transactions. The statutory computation under section 49(2A) read with sections 47(x), 47(xa) and 115AC was therefore not applied. Case-Laws Income Tax Mon, 16 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411723