Best forex rate in mumbai

1991 by treating the such share transaction as sham transaction. These shares were held best forex rate in mumbai the assessee for last 15 years.

The assessee purchased the share in the year 1991 from NEC Investment Company. During the relevant financial year the assessee also sold a property situated in Santacruz Mumbai. After claiming indexation benefit the assessee offered long term capital gain of Rs. The aforesaid 900 share was sold at the fair market value.

The shares were transferred by executing share transfer Form and after paying the requisite Stamp duty, the company NTPL also passed a Board Resolution for transfer of those shares. The consideration of share was effected to through banking channel. The learned AR of the assessee further submits, mainly because the period co-existed or permitted the assessee to set off her capital loss against the capital gain earned itself would not give rise to the presumption that the transaction was in the nature of colourable device. Jindal Equipment Leasing and Consultancy Services Ltd. Further, Hon’ble Bombay High Court in CIT Vs Hede Consultancy Co.

Hon’ble the Supreme Court also proceeded to approve the following view of Gujarat High Court in Banyan and Berry v. The aforesaid discussion would show that once the transaction is genuine merely because it has been entered into with a motive to avoid tax, it would not become a colourable devise and, consequently, earn any disqualification. In the present case, the transaction concerning purchase of units has been held to be genuine by the Tribunal. 2 is liable to be answered against the revenue-respondent. The coordinate bench of Mumbai Tribunal in Morarjee Textile Ltd Vs ACIT in ITA No.

We have considered the issue and examined the record. Therefore, part of AO’s finding about the value of demat statement is not correct. The Hon’ble Supreme Court in CIT vs. It is manifest that the consideration for the transfer of capital asset is what the transferor receives in lieu of the asset he parts with, namely, money or money’s worth and, therefore, the very asset transferred or parted with cannot be the consideration for the transfer. Their Lordships after applying the principles enunciated in George Henderson and Co. Under that provision, the amount of capital gains has to be computed after making certain deductions from the full value of the consideration for which the sale is made.