Per Mahavir Singh, Judicial Member. - These appeals are filed by different assessees. Since common issue is involved in these appeals and the assessees are of the same group, they were heard together and are being disposed of by this consolidated order for the sake of convenience. In these three appeals of the assessees, the relevant assessment year involved is 1996-97 pertaining to the financial year 1995-96.

2. The only common issue in these appeals is that as to whether, in view of family arrangement as arrived at by the assessees to rearrange their shareholdings to avoid possible litigation among themselves will attract capital gain or not and whether it is a transfer or not.

3. The briefly stated facts are that the assessees, along with their family members in the previous year ended 31-3-1996, had transferred shares owned by the assessees and family members in M/s. Lakshmi Mills Ltd. and Lakshmi Card Clothing Co. Ltd. to the family members of Shri G.K. Sundaram. The assessees in regard to these transfers had submitted as under :

"The assessee has transferred ICC and IMC shares and converted into Vijayeswari Textiles Ltd. share. In this connection we beg to submit the follow