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2017 (8) TMI 336 - AT - Income TaxPremium beyond the actual worth received by the assessee on account of sale of shares - revenue or capital receipt - whether the receipt is income from other sources - eligibile "transfer" u/s 2(47) - Held that:- It is pertinent to note that Ld. CIT(A) had referred issue to FT & TR Division of Department for verifying transaction through Competent Authority of Government of Mauritius. It has been observed by Ld. CIT(A) that investigation report forwarded by FT & TR division does not indicate any non- genuine transaction in this case. He further observes that assessing officer has not questioned genuineness of transaction and hence issue need not be examined under section 68 of the Act. Ld. CIT(A) thus came to conclusion that prize of shares fixed by virtue of agreements are mutually agreed between two parties. Further, there is a categorical finding by Ld. CIT(A) that issue of share capital was a source of funding and not a case of transfer of any undertaking which could attract provisions of section 50A or 50B of the Act. Share premium received by assessee from Mauritius Company has to be considered as capital receipt. See case of Vodafone India services private limited [2014 (10) TMI 278 - BOMBAY HIGH COURT] - Decided against revenue
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