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2016 (8) TMI 70 - AT - Income TaxAddition representing long term capital gains on sale of shares - AO has adopted the Fair Market Value (FMV) at ₹ 843.24 per share, as against the actual price of ₹ 275 adopted by the assessee, as evidenced by a Share Purchase agreement and passing on the consideration through banking channels - Held that:- The approach of the Assessing Officer as well as the CIT(A) is against the legal precedents on the issue. Thus we direct the Assessing Officer to adopt the full value of consideration as received by the assessee on sale of shares of M/s. Silicon Builders at cost to be the full consideration for computation of capital gains on such sale. Additions correctly deleted - Decided in favour of assessee
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