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2009 (3) TMI 40 - AAR - Income TaxLong-term capital gains arising to applicant (non-resident) from transfer of shares held in Indian listed company – revenue seek to deny indexation benefit provided u/s 112(1) on ground that 2nd proviso to s. 48 is not applicable to a non-resident – revenue plea rejected – applicant can avail relief of lower rate of tax of 10% u/s 112(1) – hold that as per S. 55(2)(b)(i), FMV prevailing on April 1, 1981 ought to be taken as cost of acquisition when bonus shares held by applicant on April 1, 1981
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