2013 (10) TMI 310

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....enue has raised following questions for our consideration :      "(A) Whether the Appellate Tribunal is right in law and on facts in directing the department to allow registration under section 12A as well as the benefit of exemption under section 11 of the Act?      (B) Whether the Appellate Tribunal is right in law and on facts in granting reduction ....

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.... of the company and that the holding of SKSE should not be less than 51% of the value. It was therefore, pointed out that receipt is capital in nature and cannot be treated as income of the company. 4. Such stand was accepted by CIT(Appeals) who observed that impugned investment is in the form of share capital and this was necessary for the reason that there was directives from SEBI for investm....

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....to the corpus fund of Share Capital of Rs. 3.00 crores is mentioned, the nature of transaction cannot be changed and do not become liable to tax in any manner." 5. Such issue was carried in appeal before the Tribunal. The Tribunal confirmed the view of CIT (Appeals) making following observations :      "8. We have considered the facts of the case and have gone through the....