2019 (2) TMI 466

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... on NRI Mobilization expenses of Rs. 4,36,29,183/on the basis of decision of Bombay High Court in the case of Emirates Commercial Bank Ltd, 262 ITR 55 ignoring that the facts of that case were entirely different from the present case, which have been ignored while deciding the issue. Tribunal failed to follow the ratio in the case of CIT Vs. Jansampark Advertising & Marketing Pvt. Ltd. 56 taxmann.com 286 (Delhi) dated 11th March, 2015? (ii) Whether on the facts and circumstances of the case and in law, the Tribunal erred in concurring with the decision of CIT(A) while deleting the addition made by the AO on account of replacement of shares by the assessee to EMGF amounting to Rs. 3,50,00,000/on the basis of decision in the case of CIT Vs. ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....of the appeals by the Revenue could not have been on the ground of low tax effect. Under the circumstances, the decisions of the Revenue not to challenge the Tribunal's judgment in earlier years in respect of this very assessee, can be seemed as conscious decision of accepting the proposition involved. This question is, therefore, not entertained. 4. Question no.(ii) arises in following background. The respondent assessee had claimed a loss of Rs. 3.50 crores. The assessee pointed out that as a mediator it holds securities, collect dividends, obtain deliveries, ensures transfer in the name of the client and delivers the securities when the same are sold by the clients. During the course of such business proceedings one client namely, C....