A non-resident earning long-term capital gains on transfer of listed securities is entitled to the benefit of the lower tax rate in the proviso to section 112(1) in addition to the benefit granted by the first proviso to s. 48.
(ii) Interest paid to the other shareholders pursuant to the order of SEBI to compensate for the delay is a part of the cost of acquisition of shares both in the plain sense and in the commercial sense because without such payment the acquisition would not have been possible.
Related Judgements
- Burmah Castrol Plc vs. DIT (AAR)
The s. 197 proceedings did not create any embargo because the order had worked itself out and in any event the s. 197 order was a tentative measure for TDS and did not in anyway fetter the jurisdiction of the AAR.
