TMI Blog2019 (4) TMI 834X X X X Extracts X X X X X X X X Extracts X X X X ..... as considered the submissions of the parties. Aside from the fact that the findings in this case are entirely concurrent – A.O., CIT(A) and the ITAT have all consistently rendered adverse findings – what is intriguing is that the company (M/s Kappac Pharma Ltd.) had meagre resources and in fact reported consistent losses. In these circumstances, the astronomical growth of the value of company’ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llate authorities rejecting its claim for a long term capital gain reported by it, to the tune of ₹ 13,33,956/- and ₹ 14,34,501/- in respect of 4,000 shares of M/s Kappac Pharma Ltd. The assessee held those shares for approximately 19 months; the acquisition price was ₹ 12/- per share whereas the market price of the shares at the time of their sale, was ₹ 720/-. It is conte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... have all consistently rendered adverse findings what is intriguing is that the company (M/s Kappac Pharma Ltd.) had meagre resources and in fact reported consistent losses. In these circumstances, the astronomical growth of the value of company s shares naturally excited the suspicions of the Revenue. The company was even directed to be delisted from the stock exchange. Having regard to these c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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