The assessee sold three sets of shares,
realized profit from one while loss from others. The Assessing
Officer held that loss was intentional
to set off gain and found that shares were not quoted shares and
valuation of shares both at time of purchase
as well as at time of sale of said shares was made on net
worth basis which had not been
challenged by Revenue. Further, the Revenue was unable to produce any evidence
to dispel credibility of the prices. Held, the prices arrived at on basis of
net worth would have to be accepted and, thus, no addition could be made as
transactions would be in order. (A.Y.2005-06)
CIT v. Bhushan
Capital & Credits Services (P.) Ltd. (2013) 216 Taxman 94 (Mag.)(Delhi)(HC)
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