2024 (11) TMI 1202

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..... t involved in this case is Rs. 1,16,15,310/-. If that be so, the revenue cannot pursue the matter further on account of the circular issued by the Central Board of Direct Tax being Circular No.9 of 2024. Accordingly, the appeal stands disposed of on the ground of low tax effect and the substantial questions of law suggested by the revenue are left open. - THE HON BLE THE CHIEF JUSTICE T.S. SIVAG .....

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..... as in facts in deleting the addition of Rs. 3,58,00,000/- made in the assessment order in the form of unexplained cash credit under Section 68 of the Income-tax Act, 1961 on account of Share Capital and Share Premium without giving the weightage to the unjustified payment of high premium to acquire share of seemingly un-prospective company and doubtful creditworthiness of share subscriber without .....

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..... f the case the Learned Income Tax Appellate Tribunal was not justified in law as well as in facts to delete the addition made by the Assessing officer without considering the fact that the source of such Share Capital and Share Premium was not properly explained by the assessee and it lacked any real profitmaking business credence ? We have heard Mr. Vipul Kundalia, learned standing counsel appear .....

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