A
1 only
B
Both 1 and 2
C
Neither 1 nor 2
D
2 only
Correct answer: (a) 1 only
Explanation
Statement 1 is correct because Section 9(1)(i) covers capital gains from foreign company shares deriving substantial value from Indian assets. Statement 2 is incorrect because ITAT is the second appellate authority under the Income Tax Act, not the primary/first appellate authority (which is the Commissioner of Income Tax Appeals).
Same topic · past papers
UPSC has asked this before
These previous-year questions sit on the same topic. Open one to practise the earlier ask.
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