Itxa/997/2007 Of The Commissioner Of Income Tax -24, Mumbai v. Smt. Chandrika Bharat Shah And Ors

IN THE HIGH COURT OF JUDICATURE AT BOMBAYORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX APPEAL NO.997 OF 2007 The Commissioner of Income Tax-24,Mumbai . ...Appellant V/s.Chandrika Bharat Shah & Ors. ...Respondents Mr.A.D. Kango, Advocate, for the Appellant.Mr.A.K. Jasani, Advocate, for the Respondents. P.C. : .Heard the learned Counsel for the Appellantand the learned Counsel for the Respondents. 2.By the above Appeal, the Appellant is seekingto raise the following substantial questions of law :- (a).Whether on the facts and circumstancesof the case and in law, the Hon’ble Tribunalwas right in deleting the addition of Rs.22.15lakhs which was reduced to Rs.15.55 lakhs byCIT(A) holding it to be capital receipt nottaxable under the Income Tax Act ignoring theprovisions of section 68 & 69 of the Income Tax Act? (b).Whether on the facts and circumstancesof the case and in law, the Hon’ble Tribunalwas justified in holding that the additionmade under section 68 & 69 was not taxablesince the same was capital in nature ignoringthat by virtue of deeming provisions tosection 68 & 69, the said sum was deemed to beincome of assessee? 3.Perused the Judgment of the Tribunal dated14th November, 2006. Specially for the reasons statedin paragraph Nos.9 to 12, which are only finding offacts, we do not find any substantial question of lawinvolved in the above Appeal and the same standsdismissed. [A.V. NIRGUDE, J.] [DR. S. RADHAKRISHNAN, J.]