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2013 (8) TMI 244 - HC - Income TaxDeemed gift under Gift Tax Act - Difference between the market value and the actual consideration of shares - Tribunl set aside assessment on deemed gift - Held that:- assessee had only 30 days time to sell all these rights. It is equally true that the stockbroker, in his letter dated 07.8.1993, had expressed his doubt about selling the rights in the open market at the best possible price, but the apprehension expressed by the stockbroker, by itself cannot be taken as a piece of evidence to accept the case of the assessee that the price charged by the assessee can be taken as the best price. In the circumstances, the volume of rights and the time factor, by itself, cannot be presumed as providing good reasons to accept the plea of the assessee that these constraints was in the way of selling these rights at the best possible price in the open market - The Tribunal pointed out that the Revenue had not disputed that the assessee was given the limited period of 30 days for selling the rights, yet, this apart, the assessee had not placed any material before the Court or before any of the Authorities below as regards the steps taken with due diligence to sell these rights in the open market; that ultimately faced with time constraint and the volume of rights to be disposed of, it had to sell the rights at Rs.5/- as against the prevailing market price of Rs.21.50/- each - Decided against Revenue.
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