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2015 (5) TMI 785 - AT - Income TaxUndisclosed Short Term Capital Gain from sale of shares - Held that:- The arguments of the learned Authorized Representative that the appellant had not sold the property cannot be accepted since it is judicially well known that in the case of a company the entire property held in the name of Company can be transferred through the mode of transfer of shares as held in Sanjay Parwal Versus ACIT, Circle, New Delhi [2015 (5) TMI 723 - ITAT DELHI ] thus we confirmed the basis of addition. However, there was no evidence on record to show that the appellant was paid her share of on money by her husband. Moreover, the appellant in her statement before the Investigating Wing had categorically stated that the entire control over her financial affair vested with her husband i.e. Mr. Sanjay Parwal. In view of the above statement, we confirmed the addition attributable to the appellant’s share in the hands of her husband Mr. Sanjay parwal.money attributable to shareholding of Mrs. Ritu Parwal is taxable in the hands of the appellant. Mrs. Ritu Parwal was holding 58,000/- shares. The share of on money comes to ₹ 1,71,10,000/-. Therefore, the total addition in the hands of the appellant comes to ₹ 3,48,10,000/-. Hence, we confirm the addition in the hands of the appellant only to the extent of ₹ 3,48,10,000/-. Hence, there is no warrant for a separate addition in hands of appellant. - Decided partly in favour of assesse.
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