CBDT Circular on Section 2(24) Of The Income-Tax Act, 1961 – Income – Definition Of Issue Of Right Shares – Benefit Arising Therefrom When Assessable As Income In Terms Of Section 2(24)(Iii)/(Iv)

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SECTION 2(24) OF THE INCOME-TAX ACT, 1961 – INCOME – DEFINITION OF ISSUE OF RIGHT SHARES – BENEFIT ARISING THEREFROM WHEN ASSESSABLE AS INCOME IN TERMS OF SECTION 2(24)(iii)/(iv) LETTER : F. NO. 12/6/63-IT(A-I), DATED 17-10-1963 Where a shareholder renounces his right to purchase the shares of a company of which he is the shareholder and…

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