2009 (1) TMI 153

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....n March 20, 1979, and March 31, 1979, reference should be made to the balance-sheet of the said company as on March 31, 1978, and not with reference to the balance-sheet as on March 31, 1979?" 2. It has been claimed that the aforementioned question has arisen out of the order of the Tribunal dated February 6, 1984, rendered in GTA No. 3 of 1983. 3. The brief facts which emerge from the statement prepared by the Commissioner are that the assessee had sold during the accounting year relevant to the  assessment year 1979-80, 150 shares (100 shares to Ripan Kumar, son of the karta of the assessee-joint family and 50 shares to Ms. Ekta, another member of the family). He had sold shares at Rs. 1,000 per share. According to the Gift-tax....

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....ner and dismissed the appeal of the Revenue as is evident from the perusal of para. 4 which reads thus : "We first take up the appeal of the Revenue for disposal. We are not moved by the plea that it was a transaction of sale only and there is no element of gift involved in it, because the sale was made to the members of the family. The respondent-assessee has not been able to rebut this presumption that the sale of shares at Rs. 1,000 per share could be made only to a member of the family and not to a third party. If there had been any sale made to a third party at Rs. 1,000 per share, the assessee could have controverted the plea that the sales to the members of the family were not coloured by the element of personality. But, having re....