2025 (11) TMI 1173

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....r. Rajendra. P.C.:- 1. Heard Ms. Gokhale, learned counsel for the Appellant and Mr. Rajendra, learned counsel for the Respondent - Assessee. 2. This Appeal relates to the Assessment Year 2012-13. 3. The tax effect in this Appeal is less than Rs.2 Crores. At least, the appeal memo does not refer to any exceptions within which this Appeal would fall. However, Ms. Gokhale submits that thi....

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....incriminating evidence in the form of statements of various persons admitting that the companies had indulged in giving accommodation entries to bogus LTCG/STCG. There were also orders issued by SEBI regarding manipulation in penny scrips, and the Assessee stated that the sale proceeds of penny scrips were his regular income after withdrawing the exemption claimed under Section 10(38) of the Incom....

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..... 8. Mr Rajendra further submitted that this was a case in which powers were exercised under Section 153A of the IT Act. He pointed out that during the search, no incriminating material was found. Therefore, considering the law laid down in Abhisar Buildwell (supra), the very initiation of this proceeding under Section 153A was without jurisdiction. 9. We have considered the rival contention....

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....the Revenue. The findings of fact have been concurrently recorded, and they are not based on "no evidence or on any relevant evidence having been excluded from consideration". Even the aspect of retraction has been duly considered. Ultimately, when exercising our jurisdiction under Article 260-A of the Income Tax Act, we cannot be expected to re-appreciate, re-evaluate, or delve into the factual m....