1997 (12) TMI 102

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....Whether, on the facts and in the circumstances of the case, the Tribunal was justified in upholding the order of the Commissioner of Income-tax (Appeals) in deleting the addition of Rs. 7,57,076 made by the Assessing Officer on account of transfer of shares made by the assessee to Vishwa Mangal Trading Co. Pvt. Ltd., at rates lower than the quoted market rates on the date of transfer?" The asse....

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....essment year 1984-85, the assessee was holding, after the transfer of the aforesaid shares of the Birla group of companies in favour of the abovenamed Vishwa Mangal Trading Co. Pvt. Ltd., 1,33,410 shares of Rs. 10 each valued at Rs. 13,34,100 in the abovenamed Vishwa Mangal Trading Co. Pvt. Ltd. The assessee, therefore, as on that date was not holding any shares in the Birla group of companies. In....

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....Assessing Officer rejected the contention of the assessee regarding the transfer of shares and added the difference between the amount of Rs. 13,34,392 and Rs. 20,67,876 and thus held that the assessee had earned an income of Rs. 7,57,382. Being aggrieved, the assessee filed an appeal before the Commissioner of Income-tax (Appeals) who after considering the facts and circumstances of the case r....

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....ment. It is not disputed that the assessee had transferred those shares at the book value cost maintained by her. It is also not disputed that the book value cost was lower than the market value of the shares. In fact it is admitted that the market value of those shares was to the tune of Rs. 20,67,876. Under those circumstances, holding that the assessee had derived any income, being the diffe....