2024 (1) TMI 1528

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....ossain, Sr.SC. For the Respondent Through: Mr. Salil Aggarwal, Sr. Adv with Mr. Madhur Aggarwal, Mr. Mahir Aggarwal and Mr. Uma Shankar, Advs. ORDER 1. This appeal is directed against the order of the Income Tax Appellate Tribunal ['ITAT'] dated 06 April 2021 which has essentially affirmed the view which was expressed by the Commissioner of Income Tax (Appeals) ['CIT(A)'].....

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....igation Wing as well as SEBI revealed that Shilpi Cable Technologies Ltd., is engaged in scam, but, no details have been brought on record as to how in assessment year under appeal this company was engaged in scam or indulged in price raise in shares. The Ld. D.R. referred to the assessment order in the case of M/s. Renu Proptech Pvt. Ltd., in which it is mentioned that SEBI has suspended the shar....

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....ld the shares through recognized stock exchange on which SIT is also paid. The assessee purchased the shares through banking channel as well as sold the shares through online trading platform of NSE. The payment is also received through banking channel. This company is actually engaged in manufacturing and has substantial assets also. The Ld. CIT(A) also found that in the connected case of the ass....

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...., appeal of the Department is dismissed." 4. Mr. Menon, learned counsel appearing in support of the appeal draws our attention to an alleged ongoing investigation by the Securities Exchange Board of India ['SEBI'] as well as the Serious Fraud Investigation Office ['SFIO'] in respect of Shilpi Cable Technologies Ltd. as well as the assessee. According to learned counsel, this mat....