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2011 (9) TMI 488 - AT - Income TaxLong term capital Gains – benefit of exemption u/s 10(38) & relief in rate of tax u/s 112 not available - sale of unlisted securities - sale made on 29/30.12.05 by transferring it to escrow a/c – listing approval received on 04.01.06 - STT was also not charged on the transaction – Held that:- The listing approval on 04.01.2006 cannot be related back to 04.11.2005 or 14.11.2005 as provisional approval given by BSE & NSE respectively was only for using the name of the exchanges in the offer document without any obligation on the part of the exchanges. Accordingly, it is held that the transaction undertaken by the assessee was not chargeable to STT. Consequently, the assessee is not entitled to exclude the gains from his total income. Proviso to section 112 uses the words "being listed securities". The shares of company had not been listed on the date of sale of shares by the assessee on any recognized stock exchange. Thereby, this transaction of sale was not the transfer of long-term capital asset, being a listed security. Thus, the assessee is not entitled to concessional rate of tax @ 10% on LTCG. -Decided against the assessee.
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