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2015 (6) TMI 846 - AT - Income TaxUndervaluation of shares - CIT(A) deleted addition out of short term capital gains on sale of 17500 shares Minda HUF Ltd. on the ground that the difference cannot be brought to tax unless. there is documentary evidence that there has been understatement of consideration - adoption of fair value of shares of Minda HUF Ltd. against the sale consideration - Held that:-CIT(A) decided the issue in dispute by respectfully following the order in the case of CIT v. Sivakami Co. P. Ltd. [1986 (3) TMI 2 - SUPREME Court] and has rightly held that in the case of the assessee, the Revenue has made no attempt to establish that there was any understatement though it might be that shares were sold at an under value. He has also held that even if for the sake of argument, it is accepted that market price of the assessee was different from the sale consideration, the difference cannot be brought to tax unless there is documentary evidence that there has been understatement of consideration. - Decided in favour of assessee.
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