JAYASIMHA BABU, J.

Though the assessees are different, the assessment year is also the substantial question referred to us at the instance of the assessees and being common these references are being disposed of by a common order. The assessment year is 1983-84 and the question referred to us is as to whether any part of the sale consideration received by them for the sale of their shares in Anglo French Textiles Ltd. and Best & Co. (Pondicherry) (P) Ltd. is to be excluded from the computation of long-term capital gains on the ground that part of the consideration does not represent the value of the shares sold but constitutes the consideration, for the sale of right to control the company with the aid of the shares sold.

The shares held in these two companies by one or the other of these assessees who are all members of the family of one C. R. Rajendran were agreed to be sold by them and others with the said Rajendra acting on their behalf to one Ganesh Narayan Jattiya under an agreement dt. 6th July, 1981. By that agreement, the shares held by the vendors in Anglo French Textiles Ltd. were agreed to be sold at the rate of Rs. 601 per share and the shares held by them in