Right to subscribe to shares in future - Section 45(1) provides that any profits or gains from the...

Right to subscribe to shares in future - Section 45(1) provides that any profits or gains from the transfer of capital asset are taxable as capital gains, but then, even going by the documents produced by the assessee, here is a case in which the assessee did not own any capital asset in the form of shares when he claims to have sold the same - The gains are, therefore, cannot be taxed under the head 'Capital gains'.... - AT .....

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