2023 (11) TMI 1312

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....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 appeal has been filed under Section 260....

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....s? 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 fact in deleting the addition under section 68 of the Act, w....

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....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 Bench of the High Court of Delhi in case of CIT vs. Ritu Anurag Ag....