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2016 (6) TMI 1050 - GUJARAT HIGH COURT

2016 (6) TMI 1050 - GUJARAT HIGH COURT - TMI - Revision u/s 263 - whether profit on sale of shares by the assessee company was rightly shown as Long Term Capital Gain? - Held that:- As decided in COMMISSIONER OF INCOME TAX Versus N.K. ESTATE DEVELOPERS PVT. LTD. [2006 (2) TMI 659 - GUJARAT HIGH COURT] merely because the assessee had acquired shares from the promoters' quota that by itself would not be sufficient to come to the conclusion that the acquisition was for the purpose of having control .....

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irmation of allowing deduction of interest paid on borrowed funds which have been found to have direct nexus with the investment made for acquisition of shares - Decided in favour of assessee - TAX APPEAL NO. 1189 of 2007 With TAX APPEAL NO. 1194 of 2007 With TAX APPEAL NO. 1195 of 2007 - Dated:- 22-6-2016 - MR. KS JHAVERI AND MR. G.R.UDHWANI, JJ. FOR THE APPELLANT : MRS MAUNA M BHATT, ADVOCATE FOR THE OPPONENT : MR MANISH J SHAH, ADVOCATE ORAL JUDGMENT (PER : HONOURABLE MR.JUSTICE KS JHAVERI) 1 .....

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ting aside the original assessment of the Assessing Officer and thereby coming to the conclusion that the profit on sale of shares by the assessee company amounting to ₹ 2,83,36,750/- earned by the assessee was rightly shown as Long Term Capital Gain? 3. The assessment order u/s 143(3) dated 24.03.2005 was set aside by CIT(A)nvide order dated 30.08.2006 u/s 263 of the Act. The assessee was holding shares of N.K. Proteins Ltd sold during the assessment year 2002-03. Both these shares were s .....

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ation of the aforesaid substantial question of law. 5. Mrs. Mauna Bhatt, learned advocate appearing for the revenue submitted that the Tribunal has erred in law and on facts in vacating the order of the CIT u/s 263, setting aside the original assessment of the Assessing Officer and thereby coming to the conclusion that the profit on sale of shares by the assessee company amounting to ₹ 2,83,36,750/- earned by the assessee was rightly shown as Long Term Capital Gain. 6. Mr. Manish Shah, lea .....

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. He submitted that the said order dated 09.09.2004 has been relied upon by the Tribunal in the present case in setting aside the order of CIT(A). 7. Having heard learned advocates for both the sides and having considered the question posed for consideration by us which is reproduced hereinabove and considering the decision of this Court in Tax Appeal No. 1025 of 2005, the question which is raised in the present appeals is required to be answered in favour of the assessee. The relevant portion o .....

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