2014 (12) TMI 1192

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....rda ORDER R. C. Sharma (Accountant Member) This is an appeal filed by the revenue against the order of ld. CIT(A) dated 25.10.2011 for the assessment year 2007-08. 2. Following grounds have been taken by the revenue : "On the facts and in the circumstances of the case and in law, the ld. CIT(A) has erred in holding that the assessee has been holding the 2000 shares of his empl....

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.... 2002 and paid up shares of Rs. 10/- was split into two shares of Rs. 5/-. In that year pursuant to split, assessee became full legal owner of 1000 shares as on 31.12.2002. Following another round of 1:1 bonus in 2003, assessee became legal owner of 2000 shares. Thus, as on 01.01.2005, assessee became full legal owner' 2000 shares. 3.3 The assessee had sold 2000 shares on 20.12.2006. ....

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....ares offered as per ESOP scheme 2000 as on 1.1.2003 and 70% of the shares offered as per ESOP scheme 2000 as on 1.1.2004, and became 100% owner of the shares offered as per ESOOP scheme 2000 as on 1.1.2005. The contention of the assessee that he should be assessed only for long term capital gains in respect of 2000 shares sold by him in December 2006 of which he became legal owner as on 1.1.2005 i....

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....A), by bringing any positive material on record. Accordingly, we do not find any infirmity in the order of ld. CIT(A) for allowing the assessee's claim of Long Term Capital Gains. The issue is also squarely covered by the decision of Delhi Bench of the Tribunal in the case of Abhiram Seth V/s JCIT (2013) 79 DTR 63 and the decision of Hyderabad Bench of the Tribunal in the case of ACIT V/s Dr.Dhurj....