Commissioner Of Income Tax, Amritsar v. Master Deepan Kapoor

IN THE HIGH COURT OF PUNJAB AND HARYANA ATCHANDIGARH. I.T.R. No.145 of 1996 (O&M)Date of decision: 5.7.2010 Commissioner of Income Tax, Amritsar. Vs. Master Deepan Kapoor. -----Applicant. -----Respondent CORAM:- HON'BLE MR. JUSTICE ADARSH KUMAR GOELHON'BLE MR. JUSTICE AJAY KUMAR MITTAL Present:-Ms. Naveender P.K. Singh, Sr. Standing Counselfor the applicant. --- ADARSH KUMAR GOEL, J. Following question of law has been referred foropinion of this Court, arising out of order of the Income TaxAppellate Tribunal dated 14.12.1995 in I.T.A. No.875 & 887(ASR)/1990 for the assessment year 1983-84:- “Whether on the facts and in the circumstances of thecase, the Hon’ble Tribunal was justified in law indismissing the appeals of the revenue by holding thatthe consideration received for transfer of controllinginterest and directorship rights in shares were nottaxable as the cost was nil and no capital gain waschargeable thereon?” Learned counsel for the revenue fairly states that thematter is covered by earlier order of this Court dated 15.9.2008 inI.T.R. Nos.75 to 82 of 1992The Commissioner of Income-tax,Amritsarv. Sh. Pyare Lal Kapur. In view of above, the question referred is answeredagainst the revenue and in favour of the assessee. The reference is disposed of. (ADARSH KUMAR GOEL) JUDGE July 05, 2010ashwani ( AJAY KUMAR MITTAL ) JUDGE