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2014 (6) TMI 462 - AT - Income TaxComputation of capital gain – AO’s power to substitute the value of consideration in place of sale consideration - Held that:- .Once it is found that shares are sold at a particular price it is not possible for AO to disturb the figure,without bringing material facts that contradict the calculation made by the assessee. In our opinion FAA has analysed the provisions of capital gain tax in right perspective. There is no doubt that in certain circumstances, sale-price of shares can be substituted by the AO for determining the capital gains/loss. But, in the case under consideration those circum -stances were missing. Relying upon Commissioner Of Income-Tax, West Bengal, And Another Versus George Henderson And Co. Ltd. [1967 (4) TMI 18 - SUPREME Court], capital gain/loss arising on sale of shares has to be treated in a special manner. Act provides different treatments for sale of shares and exchange /otherwise transfer of shares – Decided against Revenue.
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