The Assessing Officer treated the sale of shares as\u00a0 short-term capital gains. The Commissioner (Appeals) directed the Assessing Officer to treat the shares as long-term capital asset, allow indexation and tax the resultant capital gains at the special rate of 20 per cent. The Tribunal held that\u00a0 there was no distinction between unlisted and listed shares for classifying them as short-term capital asset under the 1961 Act. On appeal\u00a0 dismissing the appeal, that the Tribunal was right in holding that the shares and debentures not listed could be treated as a long-term capital asset under section\u00a02(42A)\u00a0of the 1961 Act read with its proviso.\u00a0 Explanatory Notes to the Provisions of the\u00a0Finance (No. 2) Act, 2014, in Circular No. 1 of 2015, dated January 21, 2015 ([2015] 371 ITR (St.) 22)\u00a0 (AY. 2007-08)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 45 : Capital gains-Long-term or short-term capital asset-Period of holding-No distinction between unlisted and listed shares for classifying as short-term capital asset. [S. 2(42A), Securities Contracts (Regulation) Act, 1956, S (h)] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-23404","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-65u","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/23404","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=23404"}],"version-history":[{"count":3,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/23404\/revisions"}],"predecessor-version":[{"id":24156,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/23404\/revisions\/24156"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=23404"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=23404"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=23404"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}