Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (2) TMI 649 - AT - Income TaxRevision u/s 263 - underassessment of long term capital gain - shares sold to a fellow director were highly undervalued, and the Long term capital gains on the sale of 3025 shares to Amit Indubhushan Bakshi was under stated - HELD THAT:- Since sale of shares at face value was by mutual understanding and by consent of all directors because Amit Indubhushan Bakshi was instrumental in getting the investor who contributed allot for benefit of company. We do not find any illegality in transfer of shares at face value i.e. ₹ 10 per share. As relying on GILLANDERS ARBUTHNOT AND CO. [1972 (9) TMI 13 - SUPREME COURT], S GAURANGINIBEN S. SHODHAN INDL. [2014 (2) TMI 78 - GUJARAT HIGH COURT] and M/S. MORARJEE TEXTILES LTD. [2017 (2) TMI 122 - BOMBAY HIGH COURT] we allow appeal of the assessee and cancel order passed by the ld. Pr. CIT u/s. 263.
|