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TMI Blog2019 (5) TMI 751X X X X Extracts X X X X X X X X Extracts X X X X ..... gains without any exemption u/s 54 - HELD THAT:- It is seen from the impugned order of the tribunal that the tribunal has recorded a finding of fact that there was no employer employee relationship between the respondent and the company whose shares were offered to the respondent for purchase. Therefore, the first question of law, which proceeds as though there was employer employee relationship, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... For The Petitioner : B NARASIMHA SARMA JUDGMENT: ( Per Hon ble Sri Justice V. Ramasubramanian) The revenue has come up with the above appeal under Section 260A of the Income Tax Act, 1961 raising the following substantial questions of law: 1. In the facts and circumstances of the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gains out of the said sale are not liable to be treated as short term capital gains and entitled in law for any exemption u/s.54 of Income Tax Act. 2. Heard Mr. B. Narasimha Sarma, learned senior standing counsel for the department. 3. The respondent, an individual, was an employee of a company by name M/s. Parke-Davis. He claimed deduction under Section 54 EA of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... there was no employer employee relationship between the respondent and the company whose shares were offered to the respondent for purchase. Therefore, the first question of law, which proceeds as though there was employer employee relationship, has no legs to stand in the light of the factual finding. 7. In any case, the Mumbai Bench of the tribunal has answered this question aga ..... X X X X Extracts X X X X X X X X Extracts X X X X
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