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2016 (4) TMI 348 - AT - Income TaxAddition on surplus on sale of shares received as gift to the book profit for taxation U/s. 115JB - Held that:- Respectfully following the decision of the co-ordinate bench in assessee’s own case Assessing Officer has rightly added the long term capital gain from sale of shares to the book profits u/s 115JB of the Act and accordingly, we dismiss the ground of assessee. Transfer of shares without consideration - gift - Held that:- Transfer of shares of Nestle India Ltd and Hindustan Lever Ltd held as investment by members of Bilakhia family to the assessee-company as per family arrangement dated 16-02-2001 claimed to have been transferred without any monetary consideration cannot be held to be a gift and therefore order passed by Ld. CIT(A) holding the transfer of shares as gift is hereby reversed and that of AO is restored.
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