TMI Blog2019 (7) TMI 390X X X X Extracts X X X X X X X X Extracts X X X X ..... his transaction as one of loans. It was under similar circumstances that this Court Pr. Commissioner of Income Tax-6 Versus M/s. Aegis Limited - [2019 (4) TMI 858 - BOMBAY HIGH COURT] dismissed Revenue s facts on record would suggest that the assessee had entered into a transaction of purchase and sale of shares of an AE. Nothing is brought on record by the Revenue to suggest that the transaction was sham. In absence of any material on record, the TPO could not have treated such transaction as a loan and charged interest thereon on notional basis. No question of law arises - INCOME TAX APPEAL NO. 341 OF 2017 - - - Dated:- 1-7-2019 - AKIL KURESHI AND S.J. KATHAWALLA, JJ. Mr. N.C. Mohanty for the appellant. M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tended that the Tribunal has committed serious error. He pointed out that a similar question has been admitted by this Court in Income Tax Appeal No.1583/2016. 4. On the other hand, the learned counsel for the assessee opposed the appeal contending that this issue has already been examined by this Court in Income Tax Appeal No.1248/2016 filed by the Revenue. The said appeal came to be dismissed by order dated 28th January 2019. 5. The facts as noted, are not seriously in dispute. The assessee s share application money remained with its AE for a considerable period of time before the shares were allotted. The Assessing Officer, therefore, treated this transaction as one of loans. It was under similar circumstances that this ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 3. We are broadly in agreement with the view of the Tribunal. The facts on record would suggest that the assessee had entered into a transaction of purchase and sale of shares of an AE. Nothing is brought on record by the Revenue to suggest that the transaction was sham. In absence of any material on record, the TPO could not have treated such transaction as a loan and charged interest thereon on notional basis. No question of law arises. 6. Income Tax Appeal No.1583/2016 has been filed by the assessee. It is a case in which the Tribunal has taken a converse decision and, therefore, the assessee is in appeal. Admission of the said appeal, therefore, would not persuade us to admit the Revenue s appeal also. In the res ..... X X X X Extracts X X X X X X X X Extracts X X X X
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