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2016 (10) TMI 1149 - AT - Income TaxLong term capital gains on account of receipt of sale proceeds out of transfer of SPNs - Held that:- AO has categorically observed that before redemption, promoters transferred the SPNs. to financial institutions and banks and disclosed long term capital gains on account of receipt of sale proceeds out of transfer of SPN. Emphasis was given that promoters have offered capital gain tax. How the Tribunal can record a finding that promoters have not paid taxes ? Similarly, it was brought to our notice that financial institutions treated difference of redemption proceeds at the rate of ₹ 361/- and cost of acquisition of SPNs. purchased from the promoters and non-promoters of Nirma Ltd., as income and disclosed the same in accounts. Thus, it was demonstrated that even the financial institutions have shown the income from SPNs. on their redemption. Then, how it can be alleged that no corresponding income was offered for taxation ? According to the ld.counsel for the assessee, it was not the case of the AO. The quantum may be different and nature may be different, but it cannot be alleged that income was not offered. Apart from above, we have been appraised with regard to other factual inaccuracy tabulated in the MA. On due considerations of all these facts, we are convinced that the Tribunal has conceived the facts in erroneous manner which has goad the Tribunal on a wrong conclusion, therefore, Tribunal has committed apparent error. The order of the Tribunal deserves to be recalled on this issue. Accordingly, we allow the MA and partly modify the order of the Tribunal.
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