TaxTMI 
TaxTMI 
2012 (2) TMI 507
X X X X Extracts X X X X
X X X X Extracts X X X X
....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 assessee has earned income from house prope....
X X X X Extracts X X X X
X X X X Extracts X X X X
....pany 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 the assessee, the AO computed a capital gai....
X X X X Extracts X X X X
X X X X Extracts X X X X
....y 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 made that can be made on the basis of value of ....