2025 (2) TMI 1808

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....Ms. Monika H. Pande ORDER PER B.R. BASKARAN, A.M : The Revenue has filed this appeal challenging the order dated 28th January, 2016 passed by the Ld CIT(A)-8, Mumbai and it relates to the Assessment Year (AY.) 2011-12. The Revenue is aggrieved by the decision of the Ld CIT(A) in deleting the addition of Rs. 3.32 crores made by the AO u/s 28 of the Income Tax Act, 1961 ("the Act"). 2. T....

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....late proceedings, the Ld CIT(A) accepted the contentions of the assessee that the share application money cannot considered as revenue receipt assessable u/s 28 of the Act. He also held that the provisions of sec.41(1) are also not applicable. Accordingly, the Ld CIT(A) deleted the impugned addition and hence the revenue is aggrieved. 4. We heard the parties and perused the record. We noticed t....

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....'ble Bombay High Court in the case of Solid Containers Ltd (178 Taxman 192)(308 ITR 417)(Bom) would be applicable to the facts of the present case. We are unable to agree with the same. In the case of Solid Containers Ltd (supra), the said assessee had received "trading advance" during the course of carrying on business. Hence, write off of the above said trading advance was held to be taxable by ....