9911796707
TMI Blog2012 (8) TMI 610X X X X Extracts X X X X X X X X Extracts X X X X ..... htly accepted, or not – appeal dismissed - 15 of 1999 - - - Dated:- 8-2-2012 - SAPRE A. M., KOTHARI S. S., JJ. JUDGMENT A. M. Sapre J.- This is an appeal filed by the Commissioner of Income- tax under section 260A of the Income-tax Act, 1961, against an order dated November 26, 1998, passed by the Income-tax Appellate Tribunal, Jaipur Bench, Jaipur (for short called "the Tribunal"), in I. T. A. No. 1974/JP/1992 for the assessment year 1989-90. By the impugned order, the Tribunal allowed the assessee's appeal in part and in consequence reversed the order of the Commissioner of Income-tax (Appeals) on the issue raised in this appeal. So the question that arises for consideration in this intra court appeal is whether it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rya Power Ltd. and the assessee are not having common directors. The shares have been sold to Relan Bhai and Co., who is an income-tax assessee and not having any relation with the assessee. The shares are sold to Relan Bhai and Co. on principal to principal basis. The full detail of these transaction, contract note issued by Relan Bhai and Co. and being is on record. There is no evidence on record to show that any amount over and above the sale price was received for the sale of these shares. The transaction between Relan Bhai and Co. and the assessee is between two principals. There is no fiction in law that sales price is to be determined on the basis of any market value or break up value. Accordingly, we have no hesitation to hold the t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Secondly, this court cannot again in this appeal undertake the examination of factual issues nor can draw factual inferences on the basis of explanation offered by the assessee. Thirdly, once the explanation is accepted by the Tribunal, then in such event, a finding recorded on such explanation is binding on the High Court. A perusal of the impugned finding would go to show that Tribunal did examine the issue in detail and then recorded a finding. Such finding when challenged does not constitute a substantial question of law within the meaning of section 260A ibid in an appeal arising out of such order. In our opinion, therefore, once the Tribunal accepted the explanation of assessee and accordingly, deleted the additions in questi ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
