9911796707
TMI Blog2023 (9) TMI 1161X X X X Extracts X X X X X X X X Extracts X X X X ..... erse findings - HELD THAT:- As verified that the payment for purchase of shares was made through banking channel, shares were in demat account of the appellant for more than 12 months before they were sold through BOLT of BSE and the proceeds have been received through banking channel, STT has been paid. The main stand of the AO which was picked up from SEBI interim report has also been decimated by the final report of the SEBI itself. Confirming this view of the CIT(A), the Tribunal observed that having gone through the assessment order it was evident that it was based on the interim report. The final report of SEBI had absolved the scrip of all charges. Moreover, there was no independent finding on any other aspect casting doubts to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ear for a value of Rs. 9,12,18,266/-. 3.3 The SEBI had passed an interim order in relation to this scrip by MFTL holding that preferential allottees and promoters related entities had, with the aid of exit providers, misused the exchange mechanism to exit at a higher price in order to book illegitimate gains with no payment of tax as long term capital gain, as long term capital gain is exempt under section 10(38) of the Act. 3.4 The Principal CIT (A) and the Tribunal found that the SEBI report based on which the Assessing Officer had made additions was an interim report and in the final report there was no adverse finding. The SEBI in the final report had not made any adverse findings. 4. While reversing the order of the Assessin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or which interim Order dated April 17, 2015 was passed and subsequently confirmed in the scrip of Mishka warranting continuation of action under section 11B and 11(4) of the SEBI Act, I am of the considered view that the directions issued against them vide interim order dated April 17, 2015 which were confirmed vide Orders dated October 12, 2015, October 21, 2015, April 13, 2016, July 05, 2016 and August 26, 2016, are liable to be revoked. The perusal of list of entities mentioned therein indicates appellant s name at Sr.No. 20, hence the appellant has been absolved of any wrong doing. Consequently, the argument of the AO has fallen flat and there is no other independent finding to fasten the tax liability on the appellant. 5. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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