1985 (4) TMI 4

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....penditure' and, therefore, the disallowance made in this regard was not called for ? (ii) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in holding that in computing the capital gains arising out of the sale of shares in (i) M/s. Indian Motor Parts and Accessories Ltd. and (ii) M/s. Sundaram Private Limited, the provisions of section 52(2) could not be invoked for adopting the fair market value in the place of the sale price, since the Income-tax Officer had not established that the sale price received was more than the one disclosed in the sale deed ? (iii) Whether, on the facts and in the circumstances of the case and having regard to the provisions of rule 19A of the Income-tax Rules, 1962,....

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....question is answered in the affirmative and against the Revenue. Coming to the third question, we find that the said question stands concluded by a decision of this court in Jayaram Mills Ltd. v. CEPT [1959] 35 ITR 651, a decision of the Calcutta High Court in CIT v. Indian Oxygen Ltd. [1978] 113 ITR 109, a decision of the Karnataka High Court in Ravi Machine Tools (P.) Ltd. v. CIT [1978] 114 ITR 459, a decision of the Gujarat High Court in CIT V. Cibatul Ltd. [1978] 115 ITR 879, a decision of the Bombay High Court in CIT v. Alcock Ashdown & Co. Ltd. [1979] 119 ITR 164, a decision of the Himachal Pradesh High Court in CIT v. Mohan Meakin Breweries Ltd. [1980] 122 ITR 203 and a later decision of this court in CIT v. Madras Wire Products [19....