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TMI Blog2012 (2) TMI 507X X X X Extracts X X X X X X X X Extracts X X X X ..... pany. Therefore, by taking into consideration of the land value owned by that company making any addition in the hands of the assessee, in our view is not justified. There is no provision under the IT Act that value of land owned by a company whose shares has been given to any person and in the hand of that person any capital gain can be assessed on the basis of land or office sold by the company. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng the addition in estimating selling price of 1100 shares of M/s. Unique Propcon Pvt. Ltd. and 100 shares of M/s. Marudhara Propcon Pvt. Ltd. sold by assessee and an addition of ₹ 1,16,960/- has been made on account of sale of these shares. 3. During the year assessee has earned income from house property, interest from partnership, capital gain and other sources. Return declaring income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 sq. ft. which was acquired for ₹ 6,30,000/-. In view of this fact, the AO inferred that assessee has transferred his rights in the property by selling shares owned by her. By adopting DLC rate of ₹ 2620/- per sq. ft. of the property owned by the company of whose shares were sold by the assessee, the AO computed a capital gain at ₹ 1,16,600/-. Similarly, the capital gain was wor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hands of the assessee, in our view is not justified. There is no provision under the IT Act that value of land owned by a company whose shares has been given to any person and in the hand of that person any capital gain can be assessed on the basis of land or office sold by the company. If any addition can be made that can be made on the basis of value of those shares or taking into consideration ..... X X X X Extracts X X X X X X X X Extracts X X X X
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