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2010 (4) TMI 107 - HC - Income TaxRespite from prosecution - Valuation of shares - The appellant has disputed the estimate of the sale price of each share of M/s Angora Wool Combers Pvt Ltd at Rs.139/- as against the sale price of Rs.100/- declared per share. It has been contended that the share price has been adopted at Rs.139/- without any evidence - petitioner submitted that after the said remand, assessment proceedings have not been completed and in view of Section 153(2A) of the Act, no assessment order can be passed because of limitation. Held that: This by itself does not merit discharge in the prosecution proceedings, which have been filed under Sections 276C and 277, i.e., willful attempt to evade income-tax and false verification or statements. The alleged technical default may be relevant for the assessment proceeding but does not result in a finding on merits in favour of the petitioner – decided against the petitioner assessee
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