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2002 (9) TMI 23 - HC - Income TaxCapital gain tax – transfer of shares - assessee obtained a legal title to the shares only when the share certificate was issued by the company specifying the shares with distinctive numbers - Even if the money belonging to the appellant was appropriated to the share deposit account of the company that by itself will not amount to allotment of shares for shares can be issued only after the company passes a resolution deciding to allot shares - view of the Tribunal is endorsed that the appellant got the shares only on May 31, 1988, i.e., the date at which the share certificates were issued to the appellant - In this case the share certificates were issued to the assessee on May 31, 1988. In that view of the matter, according to us, the Tribunal was perfectly justified in holding that the capital gains have to be assessed on the transfer of the shares by the assessee treating it as a short-term capital gains
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