C.I.T. Kolkata - I v. Powerflow Holdings & Trading (P) Ltd
[Citation -2015-LL-0206-23]
| Citation | 2015-LL-0206-23 |
|---|---|
| Appellant Name | C.I.T. Kolkata - I |
| Respondent Name | Powerflow Holdings & Trading (P) Ltd. |
| Court | HIGH COURT OF CALCUTTA |
| Relevant Act | Income-tax |
| Date of Order | 06/02/2015 |
| Judgment | View Judgment |
| Keyword Tags | transfer of share • concealed income • market rate |
| Bot Summary: | MR.S.B.SARAF,ADVOCATE FOR APPELLANT The Court : The Assessing Officer held as follows: The assessee company has got into the whole transaction without a registered stock broker. The rates at which it has been sold are at a lower price than what was 2 quoted in share market according to computer print out from the software of Mata stock to the two quoted shares. For example the assessee has sold the shares of M/s. Square Biotech to M/s.Swagatam Lafin Pvt. Ltd. for Rs.30.50 where as the market rate as per Mata Stock Software is Rs.36.00. The assessee company has entered into the above transaction only to book loss against the huge dividend income earned which it was aware of. Due to the above observation I disallow the whole transaction related to shares and treat the same as the income of the assessee. In an appeal preferred by the assessee, the learned C.I.T.(Appeals) held that the transaction was genuine. A) Whether on the facts and in the circumstances of the case, the learned Tribunal was right in holding that the transactions were duly supported by documents and there is nothing on record to hold that the transactions in respect of sale of shares by the assessee to its sister concerns are not genuine b) Whether on the facts and in the circumstances of the case the order of the learned Tribunal is perverse in the eye of law Mr.Saraf did not dispute that these questions basically are questions of fact, which have concurrently been found in favour of the 4 assessee. |