- (1.) The following question of law has been referred for our opinion : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in upholding the order of the Commissioner of Income-tax (Appeals) in deleting the addition of Rs. 7,57,076 made by the Assessing Officer on account of transfer of shares made by the assessee to Vishwa Mangal Trading Co. Pvt. Ltd., at rates lower than the quoted market rates on the date of transfer ?"
(2.) The assessee is a resident individual and the assessment year involved is 1984-85 for which the previous year ended on March 31, 1984. The assessment was completed under Section 143(3) of the Income-tax Act, 1961 on January 27, 1987.
(3.) During the relevant previous year, the assessee was the proprietor of a concern known as Nandini Traders in which she made certain share transactions in the ordinary course of business. The shares that she held are related to the Birla group of companies.;