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2012 (2) TMI 507 - AT - Income TaxAddition on sale of shares - taking into consideration of the land value owned by that company for making the addition - Held that:- We find that the addition made by AO which is confirmed by ld. CIT (A) has no leg to stand. Assessee has sold the shares of a company and not the land of that company. Therefore, by taking into consideration of the land value owned by that company making any addition in the hands of the assessee, in our view is not justified. There is no provision under the IT Act that value of land owned by a company whose shares has been given to any person and in the hand of that person any capital gain can be assessed on the basis of land or office sold by the company. If any addition can be made that can be made on the basis of value of those shares or taking into consideration that the sale consideration shown by assessee is not correct, if there is any evidence. No such material was there before the AO that assessee has sold the shares below market price and, therefore, in our considered view the basis on which the addition has been made by AO was not correct - Decided in favour of assessee.
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