2023 (5) TMI 482

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....JIV SHAKDHER, J.: (ORAL) CM APPL. 16612/2023 [Application filed on behalf of the appellant seeking condonation of delay of 255 days in re-filing the appeal] 1. This is an application moved on behalf of the appellant/revenue seeking condonation of delay in re-filing the appeal. 1.1 According to the appellant/revenue, there is a delay of 255 days. 2. For the reasons given in the application, the....

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....961 [in short, "the Act"] to the amount earned as exempt income by the assessee. 7. Mr Ruchir Bhatia, senior standing counsel, who appears on behalf of the appellant/revenue, fairly accepts that insofar as the second issue is concerned, the decision of the Tribunal is supported by the view rendered by this court in Joint Investment Pvt. Ltd. v. Commissioner of Income Tax 372 ITR 694 (Del). 8. Th....

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....ssessee at Rs. 14,70,90,284/-. This figure was arrived at by the AO by calculating the difference between the cost of shares and the market value on the date of conversion. The calculations made by the AO are set forth hereafter: Name of Company No. of Shares Cost of shares (In Rs.) Market Rate on 01.04.07 Market Value on date of transfer (01.04.07) (In Rs.) Difference (In Rs.) Fortis Fin. ....

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....n the AO's approach was that he had based the addition in the respondent/assessee's taxable income on the presumption that business income had arisen in its favour. Clearly, there is no finding of fact returned by the AO that there was a sale of the shares. 12. The quantification of business income i.e., the sum referred to hereinabove was not, as noticed both by the Tribunal and the CIT(A), resp....