2019 (11) TMI 102

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.... under Section 260A of the Income Tax Act, 1961 (Act) challenges the order dated 20th July, 2016 passed by the Income Tax Appellate Tribunal (Tribunal). This appeal relates to Assessment Year 2002-03. 2. The Revenue urges only the following question of law for our consideration :- Whether in the facts and circumstances of the case and in law, the Tribunal was justified in holding that ....

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....ding Pvt. Ltd. to M/s. Sheetal Financial Services Pvt. Ltd. The Assessing Officer noted that the transferee of the shares had suppressed the consideration to avoid payment of the stamp duty. Besides, funds for the purchase of the preference shares had been received from a group company namely M/s. Wellson India Ltd. and M/s. Glofame Cotton Yarn Ltd. Thus, the Assessing Officer came to the conclusi....

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....chase of preference shares was genuine in as much as allotment letter, share certificate, consideration paid etc. was duly supported by the documentary evidence and return filed with the Registrar of companies. It also held that non-deduction of dividend by the company in which shares are held is not a factor to hold that the transaction is not genuine. In terms of Section 205 of the Companies Act....