2023 (9) TMI 1161

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....No. 1 : Mrs Kalpana K Raval(1046)   ORAL ORDER (PER : HONOURABLE MR. JUSTICE BIREN VAISHNAV) 1. This tax appeal has been filed challenging the order dated 11.01.2023 made by the Income Tax Appellate Tribunal (for short 'the Tribunal') in ITA No. 675 of 2018 for the assessment year 2014-15. 2. The following substantial question of law has been raised in this appeal for consideratio....

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....ng Limited ('MFTL' for short) sold by the assessee during the year for a value of Rs. 9,12,18,266/-. 3.3 The SEBI had passed an interim order in relation to this scrip by 'MFTL' holding that preferential allottees and promoters related entities had, with the aid of exit providers, misused the exchange mechanism to exit at a higher price in order to book illegitimate gains with no payment of tax....

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.... facie violations for which Interim Order dated April 17, 2015 was passed and subsequently confirmed in the scrip of Mishka." A copy of this report was sent to AO as per Rule 46A and remand report dated 22.11.2017 has been received. In para-3 of remand report, the AO has simply mentioned that the share transaction has been skillfully manipulated to claim the exemption u/s. 10(38). In this conne....

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....irmed in the scrip of Mishka warranting continuation of action under section 11B and 11(4) of the SEBI Act, I am of the considered view that the directions issued against them vide interim order dated April 17, 2015 which were confirmed vide Orders dated October 12, 2015, October 21, 2015, April 13, 2016, July 05, 2016 and August 26, 2016, are liable to be revoked." The perusal of list of....