2004 (4) TMI 71

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ellate Tribunal, upholding the orders of the authorities below and it pertains to the assessment year 1991-92. The dispute relates to the computation of long term capital gains arising out of the transfer of 4,198 shares held by the appellant in M/s. Consolidated Coffee Limited (hereinafter referred to as "CCL") to M/s. Tata Tea Limited (hereinafter referred to as "TTL"). The appellant was hold....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....tting his return for 1991-92, apparently worked out the capital gains pertaining to 4,198 shares of CCL by taking the sale consideration of Rs. 55 per share, which figure he arrived at by calculating as follows: Rs. 100 + Rs. 10. The Assessing Officer, however took note of the fact that by a letter dated October 8, 1990, TTL informed the appellant that the market price of each share of TTL h....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the Income-tax Appellate Tribunal, Madras. By an order dated September 4, 2001, the Tribunal dismissed the appeal upholding the orders of the authorities below. Being aggrieved by the orders referred above, the appellant has filed this appeal before this court. The question is, for the purpose of computing the consideration received for transfer of shares in CCL, whether the market value of the....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....a market value of Rs. 147 on December 31,1990, the Assessing Officer took the sale consideration at Rs. 247, that is Rs. 147 being the market value plus Rs. 100 as total sale consideration. This is what has been applied by the Tribunal in the case referred to earlier..." After so pointing out, the Tribunal proceeded to observe as follows: "There being no other material difference in the fact....