The Commissioner Of Income Tax v. Adarsh Kumar Goel, J

IN THE HIGH COURT OF PUNJAB AND HARYANA ATCHANDIGARH. I.T.R. No.75 of 1997Date of decision: 5.7.2010 The Commissioner of Income Tax. Vs. Smt. Urmil 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 9.4.1996 in I.T.A. No.678(ASR)/1990 forthe assessment year 1983-84:- “Whether on the facts and in the circumstances of thecase, the Hon’ble Tribunal was justified in law indismissing the appeal of the Revenue by holding thatthe consideration received for transfer of controllinginterest and relinquishment of directorship rights inshares was not taxable as the cost was nil and nocapital gain was chargeable 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