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2011 (9) TMI 1010 - AT - Income TaxSale of shares - adoption of share value - Held that:- We find that the identical issue is considered by the ITAT ‘B’ Bench, Ahmedabad in the case of Allure Investments & Finance Pvt. Ltd. Vs. ACIT, [ 2011 (8) TMI 1085 - ITAT AHMEDABAD] wherein the shares of the same company i.e. Market Creators were sold by the assessee on the same date i.e. 10-2-2004 at the rate of Re.0.26per share. The AO re-worked the loss applying the sale rate of ₹ 1.52 per share as per the quotation of BSE on 9-2-2004. Admittedly, the facts of the assessee’s case are identical because the assessee has sold the shares of the same company on the same date and in fact at a better price than the Allure Investments and Finance Pvt. Ltd. The assessee sold the shares at Re.0.79 per share while Allure Investments & Finance Pvt. Ltd. had sold the shares at Re.0.26 which was held to be reasonable by the ITAT. In view of the above, we respectfully following the above decision of the ITAT direct the AO to accept the loss as disclosed by the assessee.
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