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TMI Blog1972 (4) TMI 12X X X X Extracts X X X X X X X X Extracts X X X X ..... ments Ltd., of the face value of Rs. 5 per share. Out of these, 30,000 shares were sold to strangers at the rate of Rs. 6 per share which happened to be the market value of those shares at that time. The assessee also transferred 15,000 shares to his three sons for Rs. 75,000 at the rate of Rs. 5 per share. In his return for the assessment year 1962-63, he included the capital gain in respect of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Assistant Commissioner, who not only sustained the reasoning of the Income-tax Officer that section 52 of the Income-tax Act applied to the case, but also gave an additional reasoning that even if section 52 had no application; section 48 will stand attracted to the case. According to him the term " value " occurring in section 48 meant market value and the shares had rightly been valued at Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tax liability under section 45 of the Act and that, therefore, even though the transferees were directly connected with the assessee, section 52 could not be invoked. We are of the view that on the specific findings given by the Tribunal that the object of the transfer was not with a view to avoid or reduce the assessee's liability to pay tax on the capital gains under section 45, the conclusion ..... X X X X Extracts X X X X X X X X Extracts X X X X
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