TMI Blog2015 (2) TMI 1127X X X X Extracts X X X X X X X X Extracts X X X X ..... considered opinion that the Ld. CIT(A) has rightly considered the loss declared by assessee. In view of the above, we do not see any reason to interfere in the order of Ld. CIT(A) - Decided against revenue - ITA No. 4938/Del/2011 - - - Dated:- 27-2-2015 - Sh. N. K. Saini, AM And Sh. C. M. Garg, JM Appellant by : Sh. M. P. Rastogi, Adv. Respondent by : Y. Kakkar, DR ORDER Per N. K. Saini, AM: This is an appeal by the department against the order dated 11.07.2007 of ld. CIT(A), Meerut. 2. Following grounds have been raised in this appeal: 1. Whether in the facts and circumstances of the cases, the Ld. Commissioner of Income Tax(Appeals) has erred in law and facts in allowing the Long Term Capital Loss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessment proceedings noticed that the assessee had shown a Long Term Capital Gain of ₹ 53,632/- on sale of 32 ICICI Bonds and also had shown Long Term Capital Loss of ₹ 41,80,724/- which was carried forward to the next year. The AO also noticed that the assessee purchased 15,000 equity shares of M/s Mankind Pharma (P) Ltd. on 31.03.2000 for a total consideration of ₹ 1,12,50,000/- and sold those shares as per following details: Date of Sale No. of shares sold Distinct No. allotted Sale rate Sale price To whom sold 28/05/2001 8400 47045 to 58744 125 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee at the very outset stated that the issues under consideration is squarely covered vide order dated 09.08.2012 in the case of ACIT Vs Sh. Ashish Gupta in ITA No. 225/Del/2012 for the assessment year 2002-03 (copy of the said order was furnished which is placed on record). It was further stated that Sh. Ashish Gupta is brother of the assessee and the transaction in shares was similar in both these cases and that the ITAT vide order dated 16.12.2010 restored the issue to the ld. CIT(A) deciding the appeals of the assessee as well as of Sh. Ashish Gupta by passing a common order. In her rival submissions the ld. DR vehemently argued that the shares were not quoted in the market and the AO rightly worked out the sale price on the basis of b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d before us. We have carefully considered the facts of the case and have gone through the assessment order, ld. CIT(A) s order and order of the Hon ble ITAT, we have noted that sale and purchase of share was done through cheques and transfer of shares was properly supported by the transfer deeds and complete formalities were done by the issuing company in respect of allotment of shares and transfer of shares. Nothing adverse was brought by the Assessing Officer except his belief that assessee is not expected to sell shares below the book value Section 48 clearly states that for the purpose of calculation of capital gain of shares, it is only the sum received which can be considered for calculation of capital gain. In view of the above, we a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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