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TMI Blog2022 (3) TMI 620X X X X Extracts X X X X X X X X Extracts X X X X ..... t. P.C. : 1. Appellant has proposed following substantial questions of law QUESTION OF LAW 1. Whether on the facts and circumstances of the case and in law, the ITAT was correct in holding that a sum of Rs. 5621,28,25,486/- is not liable to capital gains tax as a short term capital gain. 2. Whether on the facts and circumstances of the case and in law, the ITAT was correct in holding ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The said scheme of arrangement was approved by the High Court on 2nd December, 2009 and 22nd January, 2010 and the effective date was declared as 1st March, 2010. In terms of scheme, assessee also revalued its investment in Indus, an asset separate from demerged undertaking and business restructuring reserve was created. During the course of assessment proceedings, the Assessing Officer issued not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e ITAT set aside the order of the CIT(A) and come to a conclusion that one of the ingredients for computation for capital gains is consideration and since no consideration has been paid or received by assessee no capital gains would be proposed to be of assessee. 5. We cannot find error with the conclusion of the ITAT that since there is no consideration for transfer of a capital asset, the capit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on towards transfer taken by ICL. 8. We have to also note that Section 50D of the Act which provides for fair market value deemed to be full value of consideration in certain cases has been inserted by the Finance Act, 2012. For the Assessment Year 2013-14 Section 50D provides for consideration where the consideration received or accruing as a result of the transfer of a capital asset by a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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