2015 (1) TMI 1220

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....appeal by the Revenue under Section 260A of 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 Mumb....

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....ts leading to this appeal are that in the subject Assessment Year, the respondent had sold 1,25,000 shares of Maruti Infra Limited. The respondent - assessee thereafter filed its return of income declaring total income of Rs. 2.70 lakhs. Thereafter a revised return of income was filed wherein the respondents offered long time capital gain of Rs. 3.56 lakhs for taxation in respect of which STT has ....

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....hat in his statement Mr.Chokshi had not mentioned the name of the respondent - assessee as one to whom accommodation entries were given. The Commissioner of Income Tax (Appeals) held that when the Assessing Officer does not challenge the purchase of shares, 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....