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2011 (11) TMI 89 - DELHI HIGH COURTSale consideration of unquoted shares - Value declared by assessee ignored- Held:- all these shares which were sold were stock in trade of the assessee as it was dealing in the business of sale and purchase of shares, dividends, securities, etc and were not mere investments by it. The CIT(A) and the Tribunal have observed that there was nothing gathered by the AO that the market price of these shares were more than the price at which they were sold by the assessee or that the assessee in any way concealed or suppressed the sale price. The Supreme Court in the case of Additional Commissioner Of Income-Tax, Delhi-I Versus Mrs. Avtar Mohan Singh (1981 -TMI - 29585 - DELHI High Court) has held that difference between the market value and the consideration declared was not sufficient, and it was also necessary to show that the assessee had received more than what is declared or disclosed by him as consideration of sale of shares. Even the burden to show this lies on the Department. - Decided in favor of assessee.
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