9911796707
TMI Blog2025 (2) TMI 454X X X X Extracts X X X X X X X X Extracts X X X X ..... ansaction is a colourable device to avoid tax does not raise any substantial question of law but is purely a finding of fact which has been arrived at concurrently by the three authorities. The evidence on record backs this crucial finding. Adequacy of evidence is usually not examined in such appeals dealing with substantial questions of law. In any case, this is also not a matter where the evidence could be said to be inadequate. Belated contention that even without the colourable device the assessee could have advanced a loan and claimed deductions is purely hypothetical. The effect of such a course cannot be envisioned. Such an issue does not arise. In any case, findings of fact that are backed by the material on record cannot be inter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es of Trends Pharma Pvt. Ltd. The assessing officer in the assessment order observed that the shares of Trends Pharma Pvt. Ltd. were purchased in February 2010 at Rs. 100/- per share and sold in March 2010 for Rs. 12.20/- per share. The assessing officer in the assessment order has concluded that the transaction of purchase and sale of the shares is a tax avoidance measure and, after giving detailed reasons, held the transaction to be a sham transaction. The assessing officer disallowed the short-term capital loss of Rs. 70,24,000/-. 5. The first appellate authority, Commissioner (Appeals) examined the issue in-depth and after considering the submissions made by the appellant assessee and the reasoning given by the assessing officer in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the said compilation which gives the details of the date of transfer and name of transferor and transferee of shares of Trends Pharma Pvt. Ltd. 8. Ms. Sushma, learned counsel for the respondent, submitted that the questions raised in the present appeal do not raise any substantial questions of law. She further submitted that all three authorities have examined the facts and, after considering the material on record, gave a factual finding that the transaction is bogus. She further submitted that the question of perversity is not raised but only argued in the oral arguments before this Court, and in any case, even that is not correct since all three authorities have considered the submissions made by the appellant assessee. Learned counse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment on the same. It was for the appellant assessee to have moved the application under Section 254 (2) of the Act if the appellant assessee had any grievance in this regard. From the record, we find that all aspects were considered by the three authorities and no case for interference is made out on the ground alleged. Therefore, in our view, no substantial question of law arises from question (b) raised in the appeal memo. 12. Insofar as question (c) is concerned, all three authorities and more particularly the Tribunal, being a final fact-finding authority, have given a finding that the transaction of buying and selling of shares is a colourable device adopted by the appellant assessee to avoid tax. There is no question raised that this ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
