Advance Ruling on entitlement of a non-resident company inter alia to benefits of section 55(2)(b)(i) of IT Act in respect of bonus shares allotted to it by an Indian company

SUMMARY OF ADVANCE RULING

In the case of a capital asset falling within the ambit of clause (b) of section 55(2), acquired before 1-4-1981, the cost of acquisition can be taken as fair market value of that asset as on 1-4-1981.

 RELEVANT PARAGRAPH

13. To appreciate the abo

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