2019 (3) TMI 136

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....late Tribunal, 'B' Bench, Chennai, dated 30.07.2010, passed in I.T.A.No.412/2010, I.T.A.No.413/2010 and I.T.A.No.414/2010 for the assessment year 2007-2008. 2.These tax case appeals have been admitted on 08.03.2011 on the following substantial questions of law: "(i) Whether on the facts and circumstances of the case, the Income-Tax Appellate Tribunal was is right in law in directing the assessing officer to accept the claim of the assessee in respect of the forfeiture of the partly paid up the shares of M/s.KPR Sugar Mills P.Limited as Short Term Capital Loss is valid? (ii) Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was is right in law in directing the assessing ....

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....er family members. The claim was made relying upon the decision of the High Court of Karnataka in the case of DCIT vs. BPL Sanyo Finance Ltd. [312 ITR 63]. The Assessing Officer disallowed the claim of short term capital gains on the ground that the transaction was sham as it was structured only to evade tax arising on sale of shares. Against the said order, the assessees preferred an appeal before the Commissioner of Income Tax (Appeals)-I (CIT(A)) to confirm the findings of the Assessing Officer. Against which the assessees preferred an appeal before the Tribunal which was allowed by the impugned order. Challenging the same, the revenue is before us by way of these appeals raising the above substantial questions of law. 5.The Tribunal ....