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TMI Blog1985 (4) TMI 4X X X X Extracts X X X X X X X X Extracts X X X X ..... rinks and sometimes meals also to customers cannot be viewed as an 'entertainment expenditure' and, therefore, the disallowance made in this regard was not called for ? (ii) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in holding that in computing the capital gains arising out of the sale of shares in (i) M/s. Indian Motor Parts and Accessories Ltd. and (ii) M/s. Sundaram Private Limited, the provisions of section 52(2) could not be invoked for adopting the fair market value in the place of the sale price, since the Income-tax Officer had not established that the sale price received was more than the one disclosed in the sale deed ? (iii) Whether, on the facts and in the circumstances of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e v. ITC [1981] 131 ITR 597. Following the said decision of the Supreme Court, this question is answered in the affirmative and against the Revenue. Coming to the third question, we find that the said question stands concluded by a decision of this court in Jayaram Mills Ltd. v. CEPT [1959] 35 ITR 651, a decision of the Calcutta High Court in CIT v. Indian Oxygen Ltd. [1978] 113 ITR 109, a decision of the Karnataka High Court in Ravi Machine Tools (P.) Ltd. v. CIT [1978] 114 ITR 459, a decision of the Gujarat High Court in CIT V. Cibatul Ltd. [1978] 115 ITR 879, a decision of the Bombay High Court in CIT v. Alcock Ashdown & Co. Ltd. [1979] 119 ITR 164, a decision of the Himachal Pradesh High Court in CIT v. Mohan Meakin Breweries Ltd. [198 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the shares sold by the assessee ?" This question proceeds on the basis that section 52(2) is applicable to the facts of the case and, therefore, the market value of the shares have to be determined. A reading of the question will indicate that the question posed is as to how the market value of the shares sold by the assessee has to be determined. In view of the fact that we have held in T.C. No. 1180 of 1980 that section 52(2) cannot be applied to the facts of this case as the Revenue has not established that the sale price actually received was more than the one disclosed in the sale deed, there is no question of computation of the capital gains at all on the basis of the market value. In view of the adverse decision given by this cou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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