2012 (8) TMI 545

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....le of tradeable warrants amounting to Rs. 37,46,400 was not taxable on the ground that the asset transferred had no cost of acquisition, is the question raised in this appeal ?"   The assessment year involved herein is the assessment year 1994-95.   Admittedly, the assessee had stopped its trading activity since the assessment year 1993-94 and whatever stocks of shares remained wit....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....sion to that effect ? Admittedly, clause (aa) of section 55(2) of the Income-tax Act, 1961, has been brought on the statute book by the Finance Act, 1995, with effect from April 1, 1996, to the effect that the cost of acquisition attributable to the trading warrants shall be statutorily deemed to be nil with effect from April 1, 1996. Since the assessment year involved herein is the assessment yea....