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TMI Blog2017 (10) TMI 1004X X X X Extracts X X X X X X X X Extracts X X X X ..... ent of doubt about the correctness of the sale price of the shares. The volume of shares acquired through gifts by relatives has not been brought on record. These being the facts we are in agreement with the view of the Tribunal that merely because the shares were sold during the said period when the land was also sold, the former leading to long term capital loss and the later to long term ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ising the following question for our consideration : Whether the ITAT has erred in law and on facts in confirming the order of CIT(A) deleting the addition of ₹ 3,85,28,505/made by the Assessing Officer on account of long term capital loss on sale of shares of M.H. Mills and Inds. Ltd. without appreciating the fact that a wrong claim made by the assessee in return, which had not been su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... peals) having deleted the additions, the Revenue went into appeal before the Tribunal. The Tribunal by the impugned judgment confirmed the view holding that there was no dispute about the genuineness of the transactions or the sale price of the shares. That being the position, merely because the shares were sold during the same financial year when the land was also sold, by itself, would not mean ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tax. As is held by this Court as well as by the Supreme Court on large number of occasions, commercial expediency and legitimate tax planning is always open to an assessee. The Revenue cannot question the timing of shares only because effect thereof would be to reduce the assessee's capital gain arising out of sale of immovable property. 5. In the result, tax appeal is dismissed. - - Ta ..... X X X X Extracts X X X X X X X X Extracts X X X X
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