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2013 (10) TMI 1087 - HC - Income TaxDetermination of cost of shares received as per family arrangement - Addition on account of staggering difference between the purchase and quoted price of the shares – additions made by the AO was deleted by the CIT(A) by observing that the assessee company came into existence on 13.04.1993 and the shares were purchased by the assessee in the month of May, 1993 and, therefore, the AO was wrong in adopting the market price of the shares as on 31.03.1994. – Held that:- Two groups belongs to the Oswal family and were fighting each other since long and finally, dispute was settled by the Company Law Board as per the orders dated 25.09.1992 and 29.07.1993. Therefore, in such a settlement, there is no question of paying any extra money to other group outside the books of account - AO has made the addition only on the basis of presumption, surmises and conjunctures and is not based on cogent material on record – Decided against the Revenue.
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