Section 28, 45 of Income Tax Act, 1961—Long term capital gain— The sole issue in this revenue’s appeal is against the action of CIT(A) in treating the assessee’s income of 1,87,17,838/- as long term capital gain as claimed by the assessee.

Held that— it is clear that the cost of acquisition of ‘BSE card’ shall be the cost of acquisition of BSE shares and the shares are deemed to be acquired on the date of acquisition of ‘BSE card’ and not from the date of their conversion.

Hence, the date of holding/acquisition of an asset being equity shares allotted pursuant to demutualisation or corporatisation of a recognised stock exchange will be the date of acquisition of original ‘BSE card’ and we note that Ld CIT(A) have given relief to assessee by following the decision in M/s. Parag Parikh Financial Advisory Services Ltd. No other decision was cited before us by Revenue, to persuade us to to take a different view.[DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE-4 (2) , KOLKATA. VERSUS M/S. R.M. SHARE TRADING PVT. LTD.] [2019] 13 ITCD Online (2) [ITAT KOLKATA]