Tribunal held that sale of shares of NDTV Ltd to RRPR (P) Ltd at Rs. 4 per share when the market price was Rs. 140 per share with the sole purpose of pledging the shares for obtaining interest free loans equivalent to the market value of shares under various loan agreements. They got benefit by obtaining interest free loans coupled with call option agreements to transfer the shares and thus consideration which accrued to the assessee on the sale of the shares is not Rs. 4 per share but prevailing market price which has been received through RRPR (P) Ltd.( ITA No. 2020/del/2017, dt. 14.06.2019)(AY. 2009-10, 2010-11)
Radhika Roy v. DCIT (2019) 200 TTJ 665 / 73 ITR 239 / 180 DTR 329(Delhi)(Trib.), www.itatonline.org Dr. Prannoy Roy v. DCIT (2019) 200 TTJ 665 / 73 ITR 239 (Delhi)(Trib.), www.itatonline.org
S. 48 : Capital gains-Full value of consideration-Sale of shares below market price-Transfer of shares in guise of loan agreements –Consideration was taken at prevailing market rate and not at Rs. 4 per share.[S. 45]