28 September 2015
one of my client has purchased shares of a listed company and after that the company was taken over by another listed company by issuing 1:1 share. The client now afterwards sold the share after 1 year (i.E LTCG) at rs 40 per share which was originally purchased at rs 1 . further client has filed the itr without showing the LTCG. what should be the tax implication and procedings of the same and if the case is opened in scrutiny what are the points client can say?