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TMI Blog2015 (10) TMI 1743X X X X Extracts X X X X X X X X Extracts X X X X ..... ce 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 that the sale consideration shown by assessee is not correct, if there is any evidence. No such material was there before the AO that assessee has sold the shares below market price and, therefore, in our considered view the basis on which the addition has been made by AO was not correct and, therefore, the ld. CIT (A) was also not correct in confirming the order of AO. Accordingly, we delete the impugned addition made and confirmed. - Decided in favour of assessee. - ITA No. 463/JP/2011 - - - Dated:- 27-1-2014 - SHRI HARI OM MARATHA, JUDICIAL MEMBER AND SHRI N.K. SAINI, ACCOUNTANT MEMBER For the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee. 4. After considering the submissions of both the parties and the material on record, it is noticed that a similar issue having identical facts had already been adjudicated by the ITAT, Jaipur Bench B , Jaipur in the aforesaid referred to case of Smt. Jaimala Agarwal, Jaipur Vs. DCIT , Central Circle-2, Jaipur, the relevant observations and findings had been given in para 3 4, which are reproduced as under:- 3. During the year assessee has earned income from house property, interest from partnership, capital gain and other sources. Return declaring income of ₹ 45,20,898/- was filed. The assessment was completed on an income of ₹ 46,37,930/- thereby making an addition of ₹ 1,16,960/-. The assessee was h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... authorities below and the submissions of the assessee, we find that the addition made by AO which is confirmed by ld. CIT (A) has no leg to stand. Assessee has sold the shares of a company and not the land of that company. 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. If any addition can be made that can be made on the basis of value of those shares or taking into consideration that the sale consi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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