2012 (2) TMI 507

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....n appeal by assessee against the order of ld. CIT (A) relating to assessment year 2006-07. 2. The assessee is objecting in confirming the addition in estimating selling price of 1100 shares of M/s. Unique Propcon Pvt. Ltd. and 100 shares of M/s. Marudhara Propcon Pvt. Ltd. sold by assessee and an addition of Rs. 1,16,960/- has been made on account of sale of these shares. 3. During the year ....

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.... another company. The assessee and that company was owning an Office at 233 Ganapati Plaza having an area of 700 sq. ft. which was acquired for Rs. 6,30,000/-. In view of this fact, the AO inferred that assessee has transferred his rights in the property by selling shares owned by her. By adopting DLC rate of Rs. 2620/- per sq. ft. of the property owned by the company of whose shares were sold by ....

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.... into consideration of the land value owned by that company making any addition in the hands of the assessee, in our view is not justified. There is no provision under the IT Act that value of land owned by a company whose shares has been given to any person and in the hand of that person any capital gain can be assessed on the basis of land or office sold by the company. If any addition can be ma....