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2013 (11) TMI 356 - AT - Income TaxFringe Benefit Tax (FBT) - FMV u/s 115WC read with Rule 40C - ESOP - Determination of 'cost of acquisition' of shares on the date of redemption - conversion of Global Depository Receipts (GDRs). - Held that:- the average market price adopted as the "prevailing price" on the date of conversion of GDRs into equity shares as the 'cost of acquisition' is reasonable and justifiable in the absence of any other circular/Rule vis-ŕ-vis Scheme under which GDRs are issued and redeemed into ordinary shares of the company - Decided against Assessee.
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