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TMI Blog2020 (2) TMI 1406X X X X Extracts X X X X X X X X Extracts X X X X ..... of shares, there is no such provision which authorizes the AO to adopt any other value be it market value. The computation made by the AO was not as per section 48 of the Act. Only as per section 50C the full value of consideration received or accruing as a result of transfer of certain capital assets being, land or building or both, shall be the value adopted or assessed by the stamp valuation authority of the State Government for purposes of payment of stamp duty. These provisions however, apply only in relation to a transfer of capital asset being land or building or both and they have no application in so far as transfer of shares. Accordingly, the addition made is hereby deleted - Decided against revenue. - ITA No.1720/Bang/2016 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l gain of the assessee was worked out at ₹ 3,33,23,661/- on page 10 of the Assessment Order. He submitted that as against this working done by the AO, learned CIT(A) deleted the addition by following the judgment of Hon ble Apex Court rendered in the case of CIT Vs. George Henderson Co. Ltd., 66 ITR 622 and of Hon ble Karnataka High Court rendered in the case of CIT Vs. Wintac Ltd. in ITA No.910/2006 dated 19.09.2013, copy available on pages 16-29 of the Paper Book filed by the assessee. He submitted that learned CIT(A) was not justified in deleting this addition. Learned AR of the assessee supported the order of CIT(A) and these two judgments followed by CIT(A) having been rendered in the case of CIT Vs. George Henderson Co. Ltd. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llant and others. The computation made by the AO was not as per section 48 of the Act. Only as per section 50C the full value of consideration received or accruing as a result of transfer of certain capital assets being, land or building or both, shall be the value adopted or assessed by the stamp valuation authority of the State Government for purposes of payment of stamp duty. These provisions however, apply only in relation to a transfer of capital asset being land or building or both and they have no application in so far as transfer of shares. Accordingly, the addition made is hereby deleted. 4. In the facts of the present case and in view of this finding of learned CIT(A) that the computation made by the AO is not as per section 4 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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