9911796707
TMI Blog2020 (2) TMI 1406X X X X Extracts X X X X X X X X Extracts X X X X ..... nivasan, Advocate ORDER Per A.K. Garodia, Accountant Member This appeal is filed by the Revenue and the same is directed against the order of learned CIT(A)-1, Bengaluru, dated 07.06.2016, for the Assessment Year 2012-13. 2. In the course of hearing, it was submitted by learned DR of the Revenue that ground No.1 is general and the only issue in dispute is regarding the addition made by the AO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,06,912/- and long term capital gain of the assessee was worked out at Rs. 3,33,23,661/- on page 10 of the Assessment Order. He submitted that as against this working done by the AO, learned CIT(A) deleted the addition by following the judgment of Hon'ble Apex Court rendered in the case of CIT Vs. George Henderson & Co. Ltd., 66 ITR 622 and of Hon'ble Karnataka High Court rendered in the case of C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IT Act, 1961, it has been provided that in case of transfer of land / building or both, values adopted or assessed by the stamp valuation authority of the State Government for the purpose of stamp duty may be considered as full value of consideration but in the case of transfer of shares, there is no such provision which authorizes the AO to adopt any other value be it market value. For ready ref ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsideration received or accruing as a result of transfer of certain capital assets being, land or building or both, shall be the value adopted or assessed by the stamp valuation authority of the State Government for purposes of payment of stamp duty. These provisions however, apply only in relation to a transfer of capital asset being land or building or both and they have no application in so far ..... X X X X Extracts X X X X X X X X Extracts X X X X
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