Itxa/297/2001 Of The Commissioner Of Income Tax, Mumbai-Iv v. Shri. Kishore N. Amarchand

Mr.P.J.Pardiwale with Mr. Nilesh Joshi and S.G.Lakhanifor the Respondent. CORAM : F.I. REBELLO & R.S. MOHITE, JJ.DATED : 28TH JANUARY,2008. PC : 1. The revenue has preferred this appeal on the following question of law. assessee is concerned, the Tribunal recorded that theassessee is a share broker. The entries of the shareswere found recorded in books of account maintained byhim in his capacity as broker and the sale proceeds havebeen paid to either M/s. ASS or to others as per the directions of ASS. The Tribunal also noted the following finding recorded by Commissioner (Appeals). "From the above facts, it prima facie appearsthat these shares which were also introduced by the appellant in the floor of the exchange inthe name of M/s. Asian Stock & Securities Ltd.,New Delhi in April 1993 were also the benamishares of the Harshad Mehta Group." 3. In our opinion, considering the finding of fact recorded by the Commissioner (Appeals ) that theseshares of M/s. ASS are benami shares of the HarshadMehta Group, the income could not have been assessed inthe hands of the respondent. There is purely a findingof fact. There is nothing brought our attention thatthe findings of fact are incorrect and perverse and therefore, question of law as framed would not arise. Consequently, the appeal stands dismissed. (R.S. MOHITE, J.) (F.I. REBELLO, J.)