2012 (8) TMI 545

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..... e statutorily deemed to be nil with effect from April 1, 1996 - income earned from sale of tradeable warrants was not taxable - 5613 of 2010 - - - Dated:- 11-1-2012 - DEVADHAR J. P., JOSHI A. R., JJ. JUDGMENT "Whether the Income-tax Appellate Tribunal was justified in holding that the income earned from sale of tradeable warrants amounting to Rs. 37,46,400 was not taxable on the ground .....

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..... ncome-tax (Appeals). On further appeal, the Income-tax Appellate Tribunal has allowed the claim of the assessee. The question to be considered is, whether the tradeable warrants which do not have any cost can be assumed to have "nil" cost of acquisition, even in the absence of any statutory provision to that effect ? Admittedly, clause (aa) of section 55(2) of the Income-tax Act, 1961, has bee .....

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