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TMI Blog2010 (2) TMI 120X X X X Extracts X X X X X X X X Extracts X X X X ..... s Fitting Ltd to Ramesh Chand Industries Ltd and shares of M/s Ocean Infrastructure Ltd to M/s Silver Streaks Trading Pvt. Ltd. These shares had been purchased during the financial year 1997-98 by the assessee and were reflected in the audited financial statements. According to the assessee, since M/s Ramesh Chand Industries Ltd was having a current account with M/s Silver Streaks Trading Pvt. Ltd ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to hold these transactions to be sham transactions or the credits to be unexplained cash credits - The findings arrived at by the Tribunal are pure findings of fact and we do not find any error in them – decided in favor of assessee - 124/2010 - - - Dated:- 9-2-2010 - Appellant through: Mr Sanjeev Sabharwal Respondent through: None CORAM: Hon'ble Mr Justice Badar Durrez Ahmed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in the audited financial statements. According to the assessee, since M/s Ramesh Chand Industries Ltd was having a current account with M/s Silver Streaks Trading Pvt. Ltd., both companies agreed to adjust the amount internally. As a result of this adjustment, the entire amount towards sale of the shares became payable to the assessee by M/s Silver Streaks Trading Pvt. Ltd. 3. The Assessing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d Industries Ltd in the books of M/s Silver Streaks Trading Pvt. Ltd before the Assessing Officer in remand proceedings. Furthermore, it was noticed by the Tribunal that the sale of shares to M/s Silver Streaks Trading Pvt. Ltd was reflected in the books of the assessee and that these amounts were also shown as advance in the balance sheet of the assessee company and as a credit in the balance of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal observed that there was no reason to hold these transactions to be sham transactions or the credits to be unexplained cash credits. 6. The findings arrived at by the Tribunal are pure findings of fact and we do not find any error in them so as to warrant interference by this Court. No substantial question of law arises for our consideration and consequently the appeal is dismissed. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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