Additional Commissioner Of Income Tax vs Bharat V. Patel
Whether amount received on redemption of Stock Appreciation Rights (SARs) by an employee is taxable as perquisite under Section 17(2)(iii) or Section 28(iv) of the Income Tax Act, or as capital gains --- Held: Not taxable as perquisite under Section 17(2)(iii) or Section 28(iv) for transactions prior to 01.04.2000; cannot be taxed as capital gains due to absence of cost of acquisition; appeal dismissed.
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