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2004 (10) TMI 89 - AAR - Income TaxApplicant, a resident of UAE got the shares as per the scheme of demerger and amalgamation in the companies - applicant now proposes to dispose of the said shares. From the perusal of annexure III it appears that the applicant wanted to sell the shares, at the consideration indicated therein which resulted in capital gains- long-term capital gain-to the applicant – held that gains from alienation of shares in Indian companies held by the applicant, will not be taxable in India.
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