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2008 (4) TMI 37 - AAR - Income TaxThe applicant is a foreign company acquired a 26 per cent stake in an Indian company - In course of time, bonus shares were allotted to the applicant and it also subscribed to right issues - The entirety of shares was sold to an Indian individual - Held that fair market value prevailing on 1st April, 1981 ought to be taken as the cost of acquisition in the case of bonus shares held by the applicant on 1-4-1981 - For TDS and refund, applicant asked to follow the normal procedure.
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