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TMI Blog2004 (4) TMI 71X X X X Extracts X X X X X X X X Extracts X X X X ..... t time - - - - - Dated:- 19-4-2004 - JUDGMENT The judgment of the court was delivered by A.S. VENKATACHALAMOORTHY J.-This appeal is directed against the order of the Income-tax Appellate Tribunal, upholding the orders of the authorities below and it pertains to the assessment year 1991-92. The dispute relates to the computation of long term capital gains arising out of the transfer of 4,198 shares held by the appellant in M/s. Consolidated Coffee Limited (hereinafter referred to as "CCL") to M/s. Tata Tea Limited (hereinafter referred to as "TTL"). The appellant was holding 4,198 shares in CCL. TTL desired to acquire the majority shares in CCL and this prompted TTL to make an open offer to the shareholders of CCL. The offer was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n appeal before the Commissioner of Income-tax contending that the Assessing Officer ought to have taken only the face value of the equity share of TTL at Rs. 10 and not the market value at Rs. 400.25. However, this contention was not accepted by the appellate authority, which prompted the appellant to file an income-tax appeal before the Income-tax Appellate Tribunal, Madras. By an order dated September 4, 2001, the Tribunal dismissed the appeal upholding the orders of the authorities below. Being aggrieved by the orders referred above, the appellant has filed this appeal before this court. The question is, for the purpose of computing the consideration received for transfer of shares in CCL, whether the market value of the shares of TTL ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ferred by us supra, then the Tribunal should have fixed the value of TTL at Rs. 147. In that event, the Tribunal cannot dismiss the appeal filed by the assessee. A reading of the order of the Tribunal as a whole would only show that the Tribunal came to the conclusion that one share of TTL has to be fixed at Rs. 147. That apart, even on the ground of equity, fairness and reasonableness, the Revenue, having accepted the value of one share at Rs. 147 with reference to another assessee identically placed, cannot be permitted to fix a higher value for a share in TTL at the relevant time. In this view of the matter, we allow the appeal in part and hold that the Revenue shall proceed to calculate on the basis of the value of one share of TTL ..... X X X X Extracts X X X X X X X X Extracts X X X X
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