2015 (9) TMI 449

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..... , Smt Jinita Chatterji & Sri V K Gurunathan, Advs JUDGEMENT Per: Vineet Saran:Heard Sri K.V.Aravind, learned counsel for the appellants and Sri S.Parthasarthi, learned counsel for the respondent and perused the record. 2. This appeal has been ADMITTED on the following questions of law: "1. Whether the Appellate Authorities were correct in law in directing in revenue's appeal that the status o .....

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..... ation 1 below Section 13(7) of the Act are taken into consideration? 3. Whether the Appellate Authorities were right in law in holding that "borrowed capital" needs to be taken into consideration while deciding whether shares held by the trust exceeds 5% of the share capital of the company or not? 4. Whether the Appellate Authorities were correct in law in upholding the orders of CIT(A), and d .....

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..... 5. Learned counsel for the parties have further agreed that the second and third questions are covered by the decision of this Court rendered in the case of the Commissioner of Income- Tax -vs- Islamic Academy of Education in ITA No.86/2008 decided on 03.06.2014.  As such, for the reasons given in the aforesaid judgment, the aforesaid two questions-2 and 3 are also decided in favour of the as .....

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