Section 112: Liability in respect of certain security transactions

112. Liability in respect of certain security transactions.— (1) Where the owner of any security disposes of the security and thereafter re-acquires the security and the result of the transaction is that any income payable in respect of the security is receivable by any person other than the owner, the income shall be treated, for all purposes of the Ordinance, as the income of the owner and not of the other person. (2) In this section, “security” includes 5[bonds, certificates, debentures,] stocks and shares.

Effective date: 2001-09-13

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