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TMI Blog2013 (10) TMI 1087X X X X Extracts X X X X X X X X Extracts X X X X ..... the facts and in the circumstances of the case the learned Income Tax Appellate Tribunal was justified in deleting the addition regarding the staggering difference between the purchase and quoted price of the shares without assigning any reason for the same despite the fact that specific grounds in this respect had been raised. Reliance is placed on the decision of the Hon'ble Supreme Court in T.D.Gopaian vs. Commissioner of Hindu Religious and Charitable Endowments, AIR 1972 SC 1716. 2. Whether on the facts and in the circumstances of the case the learned Income Tax Appellate Tribunal was justified in holding that the said transaction was under a family arrangement when no nexus between the settlement and the transaction would be establi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he AO was wrong in adopting the market price of the shares as on 31.03.1994. The CIT(A) further observed that the AO has not made any addition pertaining to the shares of M/s. Punjab Wool Combers Ltd.; and M/s. Mukerian Papers Ltd., whose market rate was Rs.425/- per shares, as per the AO. The CIT(A) further observed that no addition was made by the AO pertaining to shares of other companies. Finally, CIT(A) has deleted the addition. The second appellate authority (Tribunal) has confirmed the same. Still not being satisfied, the Department has filed the present appeal. With this background, Sri D.D. Chopra, learned counsel for the Department has justified the order passed by the AO. At the strength of written submission, he submits that in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he submits that the impugned order is not in accordance with law and the same is not sustainable in the eye of law. On the other hand, none appeared on behalf of the opposite party-assessee, though the service is sufficient. After hearing learned counsel and on perusal of the record, it appears that there was family settlement. As per the Company Law Board's decision, the transactions were taken in the month of May though the price as on 31st March was quoted by the AO. The settlement between the two groups was according to the terms and conditions of the settlement arrived on between the two grounds. The family settlement of transfer for a lower price can be for a number of considerations, prime consideration being to have peace in the f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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