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Wrong FMV Date and Cost Basis: ITAT Reverses AO’s Computation of Capital Loss
Case Law Details
- Case Name
- RBS AA Holdings (Netherlands) B.V. Vs DCIT (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2018-19
- Courts
- All ITAT, ITAT Delhi
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RBS AA Holdings (Netherlands) B.V. Vs DCIT (ITAT Delhi)
AO Applied Wrong Rule, Wrong Date & Wrong FMV—Section 50CA Not Attracted; Cost Must Be Actual ₹13.02/Share; Long-Term Capital Loss Allowed
The Assessee, a Netherlands tax-resident, acquired 23.10 crore shares of its Indian subsidiary RBS Prime Services (India) Pvt. Ltd. in FY 2013-14 through a secondary purchase @ ₹13.02/share. In FY 2017-18, 14.67 crore shares were cancelled/reduced pursuant to an NCLT-approved capital-reduction scheme effective 20.11.2017, for a consideration of ₹10.09/share based on a valua...
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