2016 (6) TMI 1050

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....6/Ahd/2006 for the Assessment Year 2002-03, the revenue has preferred the present Tax Appeals. 2. These appeals were admitted for consideration of the following substantial question of law: "Whether the Appellate Tribunal is right in law and on facts in vacating the order of the CIT u/S.263, setting aside the original assessment of the Assessing Officer and thereby coming to the conclusion that the profit on sale of shares by the assessee company amounting to Rs. 2,83,36,750/- earned by the assessee was rightly shown as Long Term Capital Gain?" 3. The assessment order u/s 143(3) dated 24.03.2005 was set aside by CIT(A)nvide order dated 30.08.2006 u/s 263 of the Act. The assessee was holding shares of N.K. Proteins Ltd sold during t....

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..../2003 in the case of M/s. N.K. Estate Developers Pvt. Ltd. He submitted that the said order dated 09.09.2004 has been relied upon by the Tribunal in the present case in setting aside the order of CIT(A). 7. Having heard learned advocates for both the sides and having considered the question posed for consideration by us which is reproduced hereinabove and considering the decision of this Court in Tax Appeal No. 1025 of 2005, the question which is raised in the present appeals is required to be answered in favour of the assessee. The relevant portion of the said decision is reproduced hereunder: "3 As can be seen from the impugned order of Tribunal dated 9.9.2004, the assessee had made two fold claim : Firstly, that the acquis....