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2018 (5) TMI 2005 - DELHI HIGH COURTAddition to the declared sale consideration received by the assessee for transfer of its shares - difference between the declared consideration and the market value of the property to tax - AO was of the opinion that the sale consideration was grossly inadequate given that the most significant or substantial asset held by the company was some immovable property - AO rejected the sale value and referred the issue to the District Valuation Officer (DVO) - HELD THAT:- As is evident from the plain reading of the condition, the amount was never received by the assessee but rather remained with the company of which the most significant control went to the purchaser - rejection of the valuation and the amount brought to tax by the AO was correctly held by the lower appellate authorities to be unjustified. In view of this concurrent findings of fact, no substantial question of law arise on this aspect. Nature of income declared by the assessee. Since it dealt in the business of securities, its treatment of the amount received towards investments was scrutinised by the AO, who felt that the claim for capital gains was not warranted. CIT(A) disagreed after noticing that the assessee was maintaining separate books in respect of its investments portfolio on the one hand and in respect of the day-to-day transactions as a securities/shares broker. In view of these findings (which also took note of the CBDT’s circular No.4 of 2007 dated 15.06.2007) and the various tests prescribed in the circular, this Court is of the opinion that no substantial question of law arises on this aspect too.
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