https://www.taxtmi.com/caselaws?id=32793 The Authority for Advance Rulings ruled in favor of the applicant in a tax case involving the taxability of long-term capital gains at a rate of 10 percent under Section 112(1) of the Income Tax Act, 1961. The ruling held that non-residents are entitled to the 10 percent tax rate under the proviso to Section 112(1) and can substitute the Fair Market Value as of April 1, 1981, as the cost of acquisition for bonus shares under Section 55(2)(b)(i) of the Act. en-us Tue, 31 Mar 2009 00:00:00 +0530 Sat, 02 May 2009 14:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=32793 The Authority for Advance Rulings ruled in favor of the applicant in a tax case involving the taxability of long-term capital gains at a rate of 10 percent under Section 112(1) of the Income Tax Act, 1961. The ruling held that non-residents are entitled to the 10 percent tax rate under the proviso to Section 112(1) and can substitute the Fair Market Value as of April 1, 1981, as the cost of acquisition for bonus shares under Section 55(2)(b)(i) of the Act. Case-Laws Income Tax Tue, 31 Mar 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=32793