9911796707
TMI Blog1985 (12) TMI 106X X X X Extracts X X X X X X X X Extracts X X X X ..... idend receive by the assessee from Punjab National Bank." 2. In the accounting year ending on31st March, 1974relevant to the asst. yr. 1974-75, the assessee had surrendered 1000 shares of Punjab National Bank for a total consideration of Rs. 40,000. The said shares had been bought for a sum of Rs. 20,750 and on this basis a short term capital gain of Rs. 7,358 had been admitted before the ITO. I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se of Mr. Justice T. P. S. Chawla (ITA No. 1695/Del/77-78 decided on 27th Feb., 1982) that the sum of Rs. 40,000 was not assessable as deemed dividend income and that the assessee be subjected to tax on short-term capital gains as admitted by it before the ITO. 3. It is in the above mentioned facts that the Department is in appeal. Shri S. K. Bansal ld. Departmental Representative submits that t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bunal had found that the provisions of s. 2 (22)(d) were not satisfied and that the Punjab National Bank did not have any accumulated profits as on 30th Jan., 1974. The facts in the case of Mr. Justice T. P. S. Chawla and the facts in the present case being absolutely similar we would hold that the assessee was only liable to be taxed in respect of capital gains on surrender of its 1000 shares for ..... X X X X Extracts X X X X X X X X Extracts X X X X
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