1985 (12) TMI 106

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....,000 correctly made by the ITO as deemed dividend receive by the assessee from Punjab National Bank." 2. In the accounting year ending on31st March, 1974relevant to the asst. yr. 1974-75, the assessee had surrendered 1000 shares of Punjab National Bank for a total consideration of Rs. 40,000. The said shares had been bought for a sum of Rs. 20,750 and on this basis a short term capital gain of Rs....

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....he decision of ITAT Delhi Bench-C in the case of Mr. Justice T. P. S. Chawla (ITA No. 1695/Del/77-78 decided on 27th Feb., 1982) that the sum of Rs. 40,000 was not assessable as deemed dividend income and that the assessee be subjected to tax on short-term capital gains as admitted by it before the ITO. 3. It is in the above mentioned facts that the Department is in appeal. Shri S. K. Bansal ld. ....