Pramod Kumar, J. - (1.) THESE three appeals, filed by the revenue, are directed against three separate but identical orders dated 24 -6 -1994, passed by learned Commissioner (Appeals), Calcutta VI in the matter of assessment orders under section 143(3) of the Income Tax Act (hereinafter referred to as the Act) for the assessment year 1991 -92, in the cases of General Electric Company Plc. UK, English Electric Company Ltd., UK and Associated Electrical Industries Ltd., UK. The issue in all these appeals relates to one common transaction, material facts in respect of these appeals are identical, common submissions were made at the assessment and appellate stages, and, therefore, for the sake of convenience, all these appeals are being disposed of by way of this consolidated order. Respondent -assessees have also filed cross -objections in all the cases and these cross -objections are also being taken up together with the appeals.
(2.) THE revenue has raised as many as six grounds of appeal but the only grievance of the revenue is against Commissioner (Appeals)s deleting the addition, made by the assessing officer, on account of capital gains on transfer of certain shares held by the assessee -companies, details of which are set out in the subsequent paragraph of this order. We, therefore, deem it expedient to take up all these grounds together for disposal.
(3.) BRIEFLY stated, undisputed material facts of the case are that the General Electric Company plc UK (hereinafter referred to as GEC plc) is a holding company of the Associated Electric Industries Ltd., UK (hereinafter referred to as AM Ltd.) and the English Electric Company Limited, UK (hereinafter referred to as EEC Ltd.). The shareholdings of three companies inter alia included holdings of equity shares in certain Indian companies as under : JUDGEMENT_41_LAWS(CAL)3_2001.htm ;