TMI BlogCapital gain on sale of shares of Indian company - there can be no recourse to Explanation 5 to enlarge...Capital gain on sale of shares of Indian company - there can be no recourse to Explanation 5 to enlarge the scope of Section 9(1) of the Act so as to cast the net of tax on gains or income that may arise from transfer of an asset situated outside India, which derives bulk of its value from assets outside India - HC ..... X X X X Extracts X X X X X X X X Extracts X X X X
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