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2011 (1) TMI 92 - AT - Income TaxCapital gain - Shares - shares which are in investment portfolio of the assessee have been lent to the another company - assessee as per companies auditor’s reported, the transactions has been reported as such in the books of account by the auditor in his note to the accounts - Consequent to the blocking of transactions of company, subsequently the assessee could not get back the shares as such but sold them through the company to another third party and offered the capital gains in A.Y. 2004-05 which the A.O. has accepted - assessee did undertake a loan transaction and not sale of shares during the year under consideration – company sold the shares in the market, borrowed shares from the assessee company, delivered them when it was due and subsequently when the said company was held in the securities scam and operations were barred, assessee has no other option than to sell those shares which are lent by them earlier to a third party, sale of which was recorded and the capital gains was offered - no basis for Revenue’s contention that assessee has sold shares in the year - assessee’s appeal, allowed
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