1997 (12) TMI 90

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..... aside the order of the CIT passed under s. 263 of the IT Act, 1961?" 2. The facts giving rise to the aforesaid reference, briefly stated, are that the assessee, a resident individual, transferred in June, 1983, certain shares and debentures belonging to her and shown in the books of account. As per the books of account maintained by the assessee, the total value of these shares was shown at Rs. .....

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..... e sale of these shares. The assessee feeling aggrieved preferred an appeal before the CIT. The CIT(A), however, took an entirely different view of the matter. Notwithstanding the difference in the sale value of the shares as determined by the AO, since the assessee had adopted the transfer of shares as a subterfuge in order to deprive the Revenue of the dividend income, and based on the ratio in t .....

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..... . was by way of a part of tax planning and that since the transfer was a genuine act and it was not challenged in any manner, the assessee cannot be at fault and that the assets which came into the hands of the transferee-company were rightly transferred in the name of that company and on transfer, the transferee-company became the owner of such assets. The validity of the transfer was also not in .....

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