This appeal challenged the Tribunal's order deleting an addition of Rs.1.48 crores made by the Assessing Officer. The High Court found that the concurrent finding of facts regarding the genuineness of the share sale proceeds was not erroneous or perverse and thus did not entertain the question of law.
The appeal was dismissed. No order as to costs.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
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906.itxa-1744.14.doc
Sbw
IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION
INCOME TAX APPEAL NO.1744 OF 2014
Commissioner of Income Tax-20 ..Appellant
Versus
Bimal Desai
..Respondent
Mr. S. V. Bharucha for the Appellant. Ms. Aasifa Khan for the Respondent.
CORAM: M. S. SANKLECHA & A. K. MENON, JJ.
DATE : 15th MARCH, 2017
P.C.
Act) challenges the order dated 28th March, 2014 passed by the Income
Tax Appellate Tribunal (the Tribunal). The impugned order is in respect of Assessment Year 2005-06.
“(i) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in confirming the order of the Commissioner of Income Tax (Appeals) (CIT(A)) in deleting the addition of Rs.1,48,70,370/- made by the
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Assessing Officer on account of sale proceeds of shares of Karuna Cables as income from other sources as against STCG shown by the assessee when the assessee entered into bogus transaction to generate artificial Short Term Capital Gain from the penny stock?”
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recording the aforesaid facts particularly the remand report of the Assessing Officer accepting the claim of the respondent-assesesee found no reason to upset the order passed by the CIT(A). Thus the impugned order of the Tribunal has also on facts found that the sale proceeds received on sale of KCL shares to be genuine.
Wadhwa
1 issue framed by the court
Whether the Tribunal was justified in confirming the order of the Commissioner of Income Tax (Appeals) in deleting the addition of Rs.1,48,70,370/- made as income from other sources regarding sale pro
1 provisions across 1 enactments
Commissioner of Income Tax-20
Bimal Desai
M. S. Sanklecha
A. K. Menon
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
