2018 (5) TMI 2005

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....ndent : Mr. M.P. Rastogi and Mr. K.N. Ahuja, Advocates ORDER The Revenue's grievance in its appeal under Section 260-A of the Income Tax Act, 1961 (hereafter 'the Act') is that the lower appellate authorities fell into error in setting aside the Assessing Officer's (AO) addition of Rs. 3.22 crores to the declared sale consideration of Rs. 5.03 crores received by the assessee for transfer of ....

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....tuted consideration paid to the assessee for the transfer of shares. The CIT(A) and the Income Tax Appellate Tribunal (ITAT) however disagreed and set aside the addition. This Court has considered the submissions of the Revenue which urged that the findings of the lower appellate authorities were based on an erroneous premise and that the total amount received by the assessee of Rs. 8.25 cro....

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....khs only) as Unsecured Loan to enable the Company to repay to the lenders in complete satisfaction of the Unsecured Loan payable by the Company to the lenders of the loan. The Selling Shareholders undertake that before the closing date the selling shareholders shall ensure that the net current assets and investments of the company are reduced to nil and that the only asset in the balance sheet of ....

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....is concurrent findings of fact, no substantial question of law arise on this aspect. The other issue urged is with respect to the nature of income declared by the assessee. Since it dealt in the business of securities, its treatment of the amount received towards investments was scrutinised by the AO, who felt that the claim for capital gains was not warranted. However, the CIT(A) disagreed aft....