9911796707
TMI Blog2006 (9) TMI 163X X X X Extracts X X X X X X X X Extracts X X X X ..... 1996 - Assessing Officer is justified in concluding that the sales didn’t represent genuine transactions & that they were manipulated by the Assessee with its sister concerns with a view to reduce its tax liability - 385 of 2005 - - - Dated:- 22-9-2006 - MADAN B. LOKUR and VIPIN SANGHI JJ. C.S. Agarwal, with Prakash Kumar for the appellant. R. D. Jolly for the respondent. JUDGMENT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e, the Tribunal affirmed the view taken by the Assessing Officer and that is how the Assessee is before us. 4. The broad facts of the case indicate that the Assessee sold a large number of shares in M/s. Bhagwati Gases Limited to six of its sister concerns. The sister concerns had directors who were partners or relatives of the partners of the Assessee. The shares were sold at a loss, though o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er did not find the transactions genuine. As mentioned above, his view was upset by the CIT (A). 5. The Tribunal has considered the facts of the case in their entirety, which is how it should be. 6. The various facts that have been indicated above go to suggest that the transaction of sale of shares was more or less a make-believe affair. It is unlikely that a prudent businessman would fir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... very given, the entries in the books were made only on 31 st March, 1996 and the share transfer forms were lodged with M/s. Bhagwati Gases Limited only in April, 1996. This is rather unusual if one takes into consideration that the shares were sold at a loss. 7. Looking to all these facts and circumstances, we cannot find any fault with the view taken by the Tribunal that the transactions wer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... question in the sense that the issue is not settled by pronouncement of this court or the Privy Council or by the Federal Court, or (4) the issue is not free from difficulty, and (5) it calls for a discussion for alternative view. There is no scope for interference by the High Court with a finding recorded when such finding could be treated to be a finding of fact." 9. Applying the tests laid ..... X X X X Extracts X X X X X X X X Extracts X X X X
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