1984 (2) TMI 116

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....e had sold, during the accounting year, relevant to the asst. yr. 1979-80, 150 shares, 100 to Ripan Kumar son of the Karta of the assessee joint family, and to Miss Ekta, another member of the family. He had sold the shares at a rate of Rs. 1,000 per share. According to the GTO, the shares were not sold at full market value. According to him, the break-up value of each share was Rs. 2,086 and, the....

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.... inasmuch as, he has taken into consideration the balance-sheet of the company as on 31st March, 1979. In reaching the break-up value under WT Rule 1-D, the provision contained in Explanation (1) has not been considered. Explanation (1) to WT Rule 1-D provides that, where there is no such balance-sheet on the date of valuation, the balance-sheet, drawn up on a day immediately preceding the valuati....

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....to the balance-sheet as on 31st March, 1978 at Rs. 1,115 that the Revenue has felt aggrieved. The assessee has felt aggrieved because his plea that there was no element of deemed gift in the transaction, which was a pure transaction of sale. Therefore, the assessee is in cross-objection against the said order, passed by the GTO. 4. We, first, take up the appeal of the Revenue for disposal. We a....

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....mself in working out the break-up value with reference to the balance-sheet as on 31st March, 1978 and not with reference to the balance-sheet as on 31st March, 1979. No doubt, he supported his plea with the Madras High Court decision reported in CGT vs. K. Ramesh (1983) 141 ITR 462 (Mad), Kerala High Court on similar facts, have held out in CGT vs. H.H. Sethu Parvathi Bai (1983) 35 CTR (Ker) 314 ....