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2017 (12) TMI 853 - ITAT MUMBAIExemption u/s 11 denied - trust was holding equity shares for the period 01-09-2009 from 04-09-2009 which is hit by a bar u/s 13(1)(d) - Held that:- From perusal of the orders of the authorities below , it is not emanating as to when the will was probated. It is also not emerging from the facts on record as to what was the share ownership pattern of the said company M/s Warden Polyclinic Private Limited from the day will was executed in favour of the assessee till the shares were transferred in assessee’s name in company’s record and its final sale by the assessee. It is also not emanating from records as to the reasons for not transferring of shares in favour of the assessee for last 14 years and whether any litigation was going on w.r.t. these shares. It is also not emanating from records as to the control exercised by the assessee over the immovable property being flat no. 6 at Ben Nevis Warden Road , Mumbai through holding of 100 shares of the said company M/s Warden Polyclinic Private Limited .These propositions are no doubt relevant proposition for adjudicating the dispute between rival parties and fastening of tax liability on the assessee. Thus, keeping in view factual matrix of the case and in the interest of justice, we are inclined to set aside and restore this matter back to the file of the AO for fresh adjudication of the dispute - Decided in favour of assessee for statistical purposes.
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