2019 (2) TMI 727

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... way of a venture for only one transaction, i.e. securing of shares, which was the subject matter of business venture. In these circumstances, the concurrent finding of fact on this account is sound and does not call for interference. - Decided against revenue - ITA 101/2019 ITA 103/2019, C.M. APPL.4937/2019 - - - Dated:- 1-2-2019 - MR. S. RAVINDRA BHAT AND MR. PRATEEK JALAN JJ. Appellant T .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... unt of ₹ 26,90,000/- brought to tax under Section 68 of the Income Tax Act, 1961 [hereafter the Act ], was held to have been received from one M/s. Mittal Traders on different dates and deposited in the assessee s bank. 4. The CIT(A) relied upon the cash flow statements and the appellant s books reflecting rental receipts, agricultural income and cash received from M/s. Mittal Traders .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... eived from one Veerendra Kumar, Association of Persons (AOP), comprising of 52 members, towards shares which were pledged/transferred to the members of the AOP. The AO did not allow the amounts and brought them to tax under Section 68 of the Act. The CIT(A) and the ITAT, however, reversed this finding after noticing that the details of each member of the AOP, their identities as well as the return .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X