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2021 (1) TMI 159 - AT - Income TaxAddition being long term capital gains arrived at after recomputing Fair Market Value (FMV) of sale consideration being sale of shares - HELD THAT:- As relying on SHRI. RAJ ARJUN MENDA 2020 (2) TMI 1406 - ITAT BANGALORE] we hold that the CIT(A) is justified in holding that the sale consideration disclosed in the sale purchase agreement ought to be adopted for calculating the long term capital gains in the case of transfer of shares. It would be relevant to mention that Sec.50CA inserted w.e.f. 01.04.2018, would not have application to the instant case, since we are dealing with assessment year 2012-2013. In other words, Sec.50CA of the I.T.Act inserted w.e.f. 01.04.2018 clearly indicates prior to 01.04.2018, there was no provision under the I.T.Act authorizing the A.O. to refer for valuation of shares for the purpose of calculating capital gains. Set off of brought forward capital loss against the capital gain reported for the year in appeal - HELD THAT:- Since we have decided the issue for assessment year 2012-2013 in favour of the assessee, we hold that the assessee is entitled to set of capital loss. It is ordered accordingly.
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