MADHUR COAL MINING PVT. LTD.,KOLKATA vs. D.C.I.T., CIRCLE - 8(1),, KOLKATA

In the result, the appeal filed by the assessee is dismissed

Bench: Shri George Mathan & Shri Rakesh Mishra

viia) or similar provisions contained in Section 56(2). Further, the memorandum explaining provisions of Finance Bill 2010 stated that section 56(2)(via) of the Act was introduced as an anti- abuse provision to prevent the practice of transferring shares of a private company for no or in adequate consideration. In the present case, it is an admitted fact

SEEMA SUREKA,KOLKATA vs. DCIT, CENTRAL CIRCLE - 3(3), KOLKATA

Appeal of the assessee is partly allowed

viia) where a firm or a company not being a company in which the public are substantially\ninterested, receives, in any previous year, from any person or persons, on or after the 1st day of\nJune, 2010, any property, being shares of a company not being a company in which the public are\nsubstantially interested, —\n(i) without consideration