2025 (5) TMI 1965

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.... JSC. For the Respondent Through: Mr. Deepak Chopra, Mr. Rohan Khare, Dr. Shashwat Bajpai, Mr. Priyam Bhatnagar, Advocates. VIBHU BAKHRU, J. (ORAL) CM APPL. 21759/2011 1. This is an application seeking condonation of delay of 1563 days in filing the present appeal. 2. We find no credible reasons for condoning the delay. 3. However, we note that the present appeal has been pending before this....

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....ted. 5. Thereafter, a notice dated 19.07.2004 was issued under Section 148 of the Act for the reason that the Assessee had acquired ten per cent shares of M/s Escorts Heart Institute & Research Centre Limited [EHIRCL] for a consideration of Rs. 20,00,000/-. The Assessing Officer [AO] noticed that the book value of the outstanding equity shares of EHIRCL was Rs. 110,14,12,937/-. On the aforesaid b....

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....e value of shares at Rs. 10/- per share. 7. The Assessee appealed the said decision before the Commissioner of Income Tax (Appeals)-XXVIII, New Delhi [CIT(A)]. However, the learned CIT(A) not only upheld the addition made by the AO but also enhanced the same by Rs. 3,90,00,000/- on the basis that the book value of the shares in question was Rs. 745/- and not Rs. 550/- per share. This led the Asse....

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....ould not be taxed as perquisites. 10. The Revenue has appealed the said decision before this Court. 11. The Assessee has, during the course of the proceedings, filed an additional affidavit confirming that the shares in question were sold during the Financial Year 2007-08 and that the income from gains was duly surrendered to tax. The Assessee also produced a statement of computation of income f....