2022 (5) TMI 1545

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ghi, Adv. ORDER 1. Present appeal is filed under Section 260A of the Income Tax Act, 1961 (for short, 'the Act') against the order dated 18.11.2020 passed by the Division Bench of the Income Tax Appellate Tribunal (for short "ITAT"), Jaipur Bench, Jaipur in ITA No. 188/JP/2020 for assessment year 2014-15, on following substantial questions of law:- "I) Whether on the facts and in the circumsta....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ppeals, is fully justified and by way of detailed order it has been held that the respondents are not entitled for claim of exemption under Section 10(38) of the Act. The respondents have failed to submit evidences before the Investigation Wing whereby it was held that transaction entered by the respondents for purchase and sale of shares of M/s Sunrise Asian Ltd. Are found to be bogus as the said....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ccount, contract notes which were external documents and were not in the control of the assessee and therefore the claim of manipulation and for treating the transaction in question is as sham and bogus were not proven and hence untenable. 4. Learned ITAT has also distinguished the judgments relied upon by revenue by holding that case in hand was not the case of involving transaction of purchase ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

..... Designated Authority, Directorate General of Anit Dumping & Allied Duties and Ors.:2017 (349) E.L.T 193 (SC), wherein the question of admission of an appeal, on substantial question of law was considered and it was held as under:- "(i) The question raised must involve a substantial question of law which has not been answered or, on which, there is a conflict of decisions necessitating a resolu....