2014 (6) TMI 666

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.... Per Dr. S. T. M. Pavalan: This appeal filed by the Assessee is directed against the order of the Ld. CIT(A)-40, Mumbai dated 07.11.2012 for the Assessment Year 2009-10. 2. Ground No. 1 relates to the recalculation of long term capital gains and sale of 1,00,000/- shares of ITL Industries Ltd by taking selling price at Rs.4.51 instead of Rs.21 as declared by the assessee. Ground No. 2 rel....

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....e equity share capital had been shown as Rs.1,82,09,500/- i.e., 18,20,950 shares at face value of Rs.10. According to the AO, the assessee had sold 1,00,000/- shares of ITL Industries Ltd. at Rs.21 which were valued at higher rate and hence he calculated the book value per share at the rate of Rs.4.51 for capital gains. The balance amount of Rs.16.49 per share had been assessed as income from othe....

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.... is relevant to state that in case where the full value consideration is determinable, there are no provisions under the Income Tax Act available to the AO to determine or adopt the full value consideration at a value different from the actual sales consideration. Further, as per the provision relating to capital gains i.e., from sections 45 to 55A, only section 50(C) provides for full value of co....

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.... the value of consideration in place of sale consideration shown by the assessee for the purpose of computing the capital gain, has held that once it is found that shares are sold at a particular price it is not possible for the AO to disturb the figure without bringing any material facts contradictory to the calculation made by the assessee. Further, the Tribunal in the case of M/s. Morar Jee Tex....