2010 (4) TMI 107

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....o. 5337/2010 Exemption application is allowed, subject to all just exceptions.   CRL.REV.P. No. 185/2010 1. In the present case, there is no order in the income-tax proceedings giving a finding on merits in favour of the petitioner. By order dated 3rd January, 1995 relied upon by the counsel for the petitioner, the matter was remanded back to the Assessing Officer to go into the ques....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....adopted on the basis of the order dt. 4.4.88 of CIT(A) in the case of P.P. Gupta, against which the appeal is pending before the Hon'ble(sic). The issue is yet to be redecided by the Assessing Officer and is pending before him. The Assessing Officer is directed to adopt the sale consideration as determined by him in the case of Shri J.C. Gupta for the assessment year 1981-82 which, however, in the....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....basis of which the authorities assessed the sale consideration of shares as Rs.46,00,000/-. Besides the cheque amount received as sale consideration of shares, the accused also received cash amount and the shares were shown to be grossly underpriced. It was found that consideration for each share sold came out to be Rs.149.36 and not Rs.8/- per share as claimed by the accused. Later on 17th Aug....