2023 (5) TMI 482

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....For the Respondent Through: None. RAJIV 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....

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....sed on the disallowance made under Section 14A of the Income Tax Act, 1961 [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 Inv....

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....res into investments. (iv) In this regard, the AO pegged the business income of the respondent/assessee 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.) ....

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....take an exercise as to when the subject shares were, in fact, sold. 11. According to us, the error pointed out by the CIT(A) and the Tribunal in the approach of the AO was correct. The error in 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 ret....