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TMI BlogSecurities - only for AY 2016-17X X X X Extracts X X X X X X X X Extracts X X X X ..... H. INCOME COMPUTATION AND DISCLOSURE STANDARD VIII RELATING TO SECURITIES Preamble This Income Computation and Disclosure Standard is applicable for computation of income chargeable under the head Profits and gains of business or profession or Income from other sources and not for the purpose of maintenance of books of account. In the case of conflict between the provisions o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t, 2013 (18 of 2013). Definitions 3(1) The following terms are used in this Income Computation and Disclosure Standard with the meanings specified: (a) Fair value is the amount for which an asset could be exchanged between a knowledgeable, willing buyer and a knowledgeable, willing seller in an arm's length transaction. (b) Securities shall have the meaning assigned to it in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hange for another asset, the fair value of the security so acquired shall be its actual cost. 8. Where unpaid interest has accrued before the acquisition of an interest-bearing security and is included in the price paid for the security, the subsequent receipt of interest is allocated between pre-acquisition and post-acquisition periods; the pre-acquisition portion of the interest is deducted f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... available, if any, on the day of the commencement of the business when the business has commenced during the previous year; and (b) the value of the securities of the business as on the close of the immediately preceding previous year, in any other case. 12. Notwithstanding anything contained in para 9, 10 and 11, at the end of any previous year, securities not listed on a recognised stock e ..... X X X X Extracts X X X X X X X X Extracts X X X X
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