2023 (11) TMI 1312

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....k Mitra, Adv. For the Appellant Mr. Subhas Agarwal, Adv. For the Respondent ORDER GA/1/2023 The Court : - We have heard Mr. Tilak Mitra, learned standing Counsel for the revenue/appellant and Mr. Subhas Agarwal, learned Advocate for the respondent/assessee. There is a delay of 1042 days in filing the appeal. Though the reasons given in the petition are not fully convincing, since the a....

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.... the assessee, in acquiring investments and rights? ii) Whether the Learned Tribunal has erred in law and fact in treating the transaction through shares as beyond the ambit of section 68 of the Act, ignoring that 'shares' tantamount 'to money' here as a medium of exchange which is a mode of circumventing the said provisions? iii) Whether the Learned Tribunal has erred in law and....

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.... of said allotment of shares. conversion of this liability in which share capital and share premium could not be treated as unexplained cash credits under Section 68 of the Act. The Revenue filed an appeal against the said judgement and the same was dismissed by the Hon'ble Supreme Court in ITO vs. V.R. Global Energy (P) Ltd. [2020] 113 taxmann.com 31(SC). The decision of the Hon'ble Division Benc....