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TMI Blog1972 (4) TMI 12X X X X Extracts X X X X X X X X Extracts X X X X ..... clusion of the Tribunal that section 52 will not be attracted appears to be inescapable – we uphold the view of the Tribunal and answer the reference against the revenue - - - - - Dated:- 10-4-1972 - Judge(s) : V. RAMASWAMY., G. RAMANUJAM. JUDGMENT The judgment of the court was delivered by RAMANUJAM J.- The assessee, one Suryanarayana owned a number of shares in India Cements Ltd., of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ne of the essential requisites for the application of section 52 and that the transfer was effected for consideration, love and affection. But the income-tax Officer rejected the assessee's plea and proceeded to fix the fair market value of the 15,000 shares transferred to the sons at Rs. 6 per share and determined the capital gain on that basis. There was an appeal to the Appellate Assistant Comm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs to us to be quite in consonance with the decision of the Supreme Court in Commissioner of Income-tax v. George Henderson Co. Ltd. Considering the applicability of section 52 of theAct to the transfer of shares by the assessee to his sons, the Tribunal, however, felt that the object of the transfer of shares by the assessee to his sons was not with a view to avoid or reduce his tax liability u ..... X X X X Extracts X X X X X X X X Extracts X X X X
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