2015 (1) TMI 1221

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.... the Income Tax Act,1961 (Act) challenges the order dated 8.8.2012 passed by the Income Tax Appellate Tribunal (Tribunal). 2. This appeal relates to Assessment Year 2006-07. The appellant- Revenue has formulated the following questions of law for our consideration:- "(1) Whether on the facts and circumstance of the case and in law, the Tribunal Mumbai "H" Bench Mumbai was justified in upholding ....

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....ssessment Year, the respondent had sold 24,300 shares of Micro Techno and 700 shares of Sacheta Metals. The respondent - assessee filed its return of income declaring total income of Rs. 1.66 lakhs. Thereafter a revised return of income was filed wherein the respondent offered long time capital gain of Rs. 60.52 lakhs for taxation in respect of which STT has not been paid. The Assessing Officer di....

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....r did not challenge the purchase of shares and therefore, it was not correct to hold that the said sale was not genuine. The CIT (Appeals) relied on the decision of the Tribunal in the case of "Mukesh R.Marolia Vs. ACIT" and deleted the addition made under Section 68 of the Act by the Assessing Officer. 5. On further appeal, the Tribunal by the impugned order dismissed the Revenue's appeal. ....