CBDT Circular on Section 2(47) Of The Income – Tax Act, 1961 – Capital Gains – Transfer – Devaluation Of Currency – Matters Concerning Additional Rupee Liability In Regard To Assets Imported Before But Installed After The Date Of Devaluation And Concerning Gains On Foreign Exchange In Respect Of Equity Shares Clarified

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SECTION 2(47) OF THE INCOME – TAX ACT, 1961 – CAPITAL GAINS – TRANSFER – DEVALUATION OF CURRENCY – MATTERS CONCERNING ADDITIONAL RUPEE LIABILITY IN REGARD TO ASSETS IMPORTED BEFORE BUT INSTALLED AFTER THE DATE OF DEVALUATION AND CONCERNING GAINS ON FOREIGN EXCHANGE IN RESPECT OF EQUITY SHARES CLARIFIED LETTER, DATED 4-1-1967 1. As regards the point…

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