C.i.t v. In Income Tax Appeal
High Court
06 Oct 2008 In favour of: Revenue
Forum / Bench
High Court · newos
Parties
C.i.t v. In Income Tax Appeal
Date of order
06 Oct 2008
Assessment year(s)
—
Outcome
Dismissed
Case summary
In C.i.t v. In Income Tax Appeal, the High Court (2008) dismissed the appeal. The decision went in favour of the Revenue.
Issue: In the above appeal, the appellant is seeking to raise the following question of law: "Whether on the facts and in the circumstances of the case and in law, the ITAT was right and justified in holding that on purchase of 2,25,000 shares of M/s.Sun Petrochemicals Pvt.Ltd. @ 5/- per share as against t...
Decision: In view of our order dated 11th August, 2008 passed in Income Tax Appeal No.962/2007, for the same reasons the present appeal stands dismissed.
Summary auto-generated from the order below — read the full judgment for the complete reasoning.
The order — as passed by the High Court
IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION
INCOME TAXAPPEAL NO. 1007 OF 2008
INCOME TAX
The Commissioner of Income Tax. ... Appellant.
V/s.
M/s.Tejaskiran Pharamachem Ind.
Pvt.Ltd. ... Respondent.
D.A.Athwale for the appellant.
P.J.Pardiwala i/b. A.K.Jasani for the respondent.
CORAM : DR.S.RADHAKRISHNAN and V.C.DAGA, JJ.
CORAM : DR.S.RADHAKRISHNAN
and V.C.DAGA, JJ.
DATED : 6th October 2008.
DATED : 6th October 2008.
DATED : 6th October 2008.
P.C. :
P.C. :----
----
. Heard learned counsel for the appellant and
learned counsel for the respondent.
2. In the above appeal, the appellant is seeking
to raise the following question of law:
"Whether on the facts and in the circumstances of
the case and in law, the ITAT was right and
justified in holding that on purchase of 2,25,000
shares of M/s.Sun Petrochemicals Pvt.Ltd. @ 5/-
per share as against the break up value of
Rs.10/- for such share, the assessee did not
derive a benefit which was assessable as income
u/s 28(iv) of the Act?
3. The learned counsel for the respondent pointed
out order of this Court dated 11th August, 2008 passed
in Income Tax Appeal No.962/2007 (C.I.T. v.
M/s.Nirmal Exports Pvt.Ltd.); wherein this Court has
M/s.Nirmal Exports Pvt.Ltd.
M/s.Nirmal Exports Pvt.Ltd.
declined to admit the appeal for the reasons stated
therein. We have perused the order of the Income Tax
Appellate Tribunal dated 11th August, 2008 impugned in
this appeal. The Tribunal in paragraph-6 of the order
observed as under:
"6. In the case of M/s.Nirmit Exports
Pvt.Ltd. (supra), the Tribunal, vide Para 3
of its order, dismissed the appeal preferred
by the revenue, following its earlier order in
ITA No.6419/Mum/2003, dated 21.09.2006, in the
case of M/s.Asawari Inv. & Fin. Pvt.Ltd.
Since there is no distinguishing fact in the
instant case of the assessee, appeal of the
revenue is liable to be dismissed. It is
dismissed."
4. In view of our order dated 11th August, 2008
passed in Income Tax Appeal No.962/2007, for the same
reasons the present appeal stands dismissed.
(V.C.DAGA, J.) (DR.S.RADHAKRISHNAN, J.)
(V.C.DAGA, J.) (DR.S.RADHAKRISHNAN, J.)
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