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2010 (12) TMI 862 - AT - Income TaxReopening - Capital gain - In the instant case, the sale and purchase is subject to the approval of the Reserve Bank of India, and the approval granted by the Reserve Bank of India, also specifically refers to the consideration - In the present case, the assessee was allotted shares in CEPL against relinquish-ment of shares which he has already acquired in VML and CPL - There is nothing on record to show that the transactions entered into by the assessee in acquiring the shares in VML and CPL and later in CEPL are different links of the same chain - When there is no basis to come to such a conclusion, there is no sanctity in comparing the purchase value of shares of ORE and by the assessee to hold that the differential amount of Rs. 504.15 per share would be in the nature of short-term capital gains in the hands of the assessee - In the present case, as already stated ORE is having a dominant position not only in the shareholding of CEPL but also in the corporate and operational matters - Therefore, the addition made by the assessing authority towards short-term capital gains in the hands of the assessee deleted. - Appeal is allowed
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