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2010 (8) TMI 74 - HC - Income TaxCapital Gain - The assessee sold 3,500 equity shares of M/s. Rentiers and Financiers (P) Ltd. of the face value of Rs. 800 each to his family members at Rs. 110 per share through entries effected in their respective accounts with M/s. Riviera Apartments Pvt. Ltd. The Income-tax Officer estimated the sale consideration of these shares at Rs. 230 per share. By applying the provisions of section 52 of the Income-tax Act, the Assessing Officer computed the capital gain at Rs. 4,20,000 as against Rs. 35,000 declared by the assessee. The Commissioner (Appeals) was of the opinion that provision of section 52 were not attracted. This was confirm by Tribunal. Held that- there was no infirmity in the order of Commissioner (Appeals) and Tribunal. But the method adopted by assessing officer is not corret.
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