Pr. Commissioner Of Income Tax-6 v. Mindworks Global Media Services Pvt. Ltd

$~24 *IN THE HIGH COURT OF DELHI AT NEW DELHI+ITA 932/2017 PR. COMMISSIONER OF INCOME TAX-6 ..... Appellant Through:Mr. Sanjay Kumar, Mr. RahulChaudhary, Standing Counselversus MINDWORKS GLOBAL MEDIA SERVICESPVT. LTD. Through:None. ..... Respondent CORAM:HON'BLE MR. JUSTICE S. RAVINDRA BHATHON'BLE MR. JUSTICE SANJEEV SACHDEVAO R D E R%03.11.2017 Learned counsel for the Revenue impugning the findings ofCIT(A) and the ITAT, setting aside the transactions as slump sale,contends that the ITAT had erred in holding that the transaction wasnot a slump sale under Section 50B of the Income Tax Act. The assessee filed its returns for AY 2008-09 declaring a loss.During scrutiny, the AO noticed that the assessee charged substantialpremium on the shares allotted to overseas Mauritius based entity.This transaction was therefore treated as a slump sale under Section50B of the Act and brought to tax as income from other sources ofincome. The Commissioner (A), noticed that the inquiry, as to thevalidity and genuineness of the sale transaction had been conducted and that the competent authority of the Government of Mauritius,which forwarded the report did not, in any way, suggests that thetransaction/sale and purchase was suspect or not genuine. In thesecircumstances, the treatment by the AO of such transaction was unfairand was set aside. The ITAT confirmed the order. The Court is of the opinion that the question sought to be raisedby the Revenue is purely factual. There is concurrent finding of facts.In these circumstances, no question of law arises. The appeal is, therefore, dismissed. S. RAVINDRA BHAT, J NOVEMBER 03, 2017‘rs’ SANJEEV SACHDEVA, J