Pursuant to Share Purchase Agreement (SPA) all shareholders of Trident including assessee sold their shares to a Mauritius company EMR for a consideration of Rs. 600 crores. Consideration was received by assessee for sale of his share in Trident, which was to extent of Rs. 27 crores .Company Trident was required to give, in terms of relevant clause of SPA, a sum of Rs. 3.45 crores to a trust proposed to be set up by EMR Mauritius for benefit of certain employees and ex-employees of seller company. While computing long-term capital gains, assessee claimed a deduction under section 48(i) of Rs. 20,97,600 being his contribution to above trust fund. According to assessee aforesaid sum was an expenditure incurred by assessee wholly and exclusively in connection with transfer of shares. The AO disallowed deduction expenditure which was affirmed by the CIT (A) and Tribunal. On appeal the Court held that claim made by assessee to fund could at best be regarded as voluntary payment and not as expenditure wholly and exclusively with transfer of shares Tribunal after taking note of relevant clause in SPA recorded a finding that, even if assessee made payment as required under Share Purchase Agreement, same could not be termed as expenditure in connection with transfer of shares. Accordingly the order of Tribunal is affirmed. (AY. 2009-10)