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TMI Blog2020 (7) TMI 439X X X X Extracts X X X X X X X X Extracts X X X X ..... 8 and challenging the legality of the said order, came forward to file the present Tax Case Appeal. (2)The appellant/Revenue has raised the following questions of law in this appeal:- 1. Whether the Appellate Tribunal is right in holding that the sale of equity shares through Share Purchase Agreement having non-compete clause does not fall within the ambit of Section 28[va] of Income Tax Act despite the express ''explanation'' added by the legislature in the said section vide the Finance Act, 2012? 2. Whether the Appellate Tribunal is right in holding that amount given for take over of business including Non-Compete covenant contained in the Sale Purchase Agreement was only share purchase agreement and not business take ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me, has filed the appeal before CIT [Appeals]. (5)The Commissioner of Income Tax [Appeals], in paragraphs No.10 to 13, had formulated the necessary issues and in paragraph No.11, had recorded the finding that the assessee had only sold shares which wre held as investments ever since the inception of the company and therefore, the income arising from the same should be treated as capital gains and further recorded the factual aspect that the Assessing Officer has also accepted that Rs. 60/- per share is to be treated as capital gains and the balance of Rs. 21/- per share as business income and a clarificatory Circular of the Central Board of Direct Taxes bearing No.6/2016 dated 29.02.2016 would also come to the aid of the respondent/assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the learned counsel for the respondent/assessee that the rate of Rs. 81/- per share was offered to all shareholders vide Regulations 3[1] and 4 of the Securities and Exchange Board of India [Substantial Acquisition of Shares and Take overs] Regulations, 2011. (8)In the considered opinion of the Court, CIT [Appeals] as well as ITAT, ''D'' Bench, Chennai, had exhaustively dealt with those issues and arrived at a categorical finding deciding those issues/questions in favour of the respondent/assessee. (9)The substantial questions of law arise in this appeal have already been answered by CIT [Appeals] and ITAT, ''D'' Bench, Chennai in negative and therefore, there are no substantial questions of law arise for c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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