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TMI Blog2012 (10) TMI 312X X X X Extracts X X X X X X X X Extracts X X X X ..... MENT. : [Per S.J. Vazifdar, J.] 1. This is an appeal under section 260-A of the Income Tax Act, 1961, against the order of the Income Tax Appellate Tribunal (ITAT). The appellant contends that the following questions of law arise in this appeal : (A) Whether on the facts and in the circumstances of the case, the Hon'ble Tribunal is justified in law in holding that transfer of shares by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e department in respect of the finding on question (A). As we have answered question (A) sought to be raised, against the appellant, the answer to question (C) must also be against the appellant. 3. The main question here is whether the transfer of the shares by the assessee took place on 22nd December, 1992 as contended by the appellant, or on 3rd January, 1992 as contended by the respondent/ as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct, 1956, 4,07,320 shares of Rs.60/- per share. (2) the purchaser has this day paid to the vendor, the sum of Rs.1200/- as and by way of earnest money and balance of purchase money amounting to Rs.2,44,38,000/- shall be paid at the time of completion of the purchase. (3) The purchaser agrees to obtain the permission of the Central Government and pay the balance money to the vendor and complete t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dition precedent to the shares vesting in the purchaser. The agreement was subject to ATCL receiving permission from the Central Government under the provisions of the Companies Act, including section 372 thereof. Had the permission been refused, the agreement could not have gone through. The agreement on its terms was to be null and void if the purchaser failed to obtain permission from the Centr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in respect thereof. The respondent declared the capital gain in respect of the transaction in the assessment year 1993-94. 7. ATCL i.e. the purchaser became a holding company of the respondent on 20th November, 1992. Thus, as on the date of the transfer of the shares viz. 22nd December, 1992, ATCL was a subsidiary of the respondent. The respondent was, therefore, entitled to the benefit of the p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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