TMI Blog2021 (12) TMI 716X X X X Extracts X X X X X X X X Extracts X X X X ..... ips of M/s CCL International Ltd. were freely traded at the Bombay Stock Exchange between the years 2011 and 2014 and the assessee had purchased the shares in 2011 and sold the same in 2012. ITAT also found that the revenue from the operation of M/s CCL International Ltd. from March, 2010 to March, 2012 was between ₹ 55.25 crores to ₹ 79 crores and the share price during the period 201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are possible, the one drawn by the lower appellate court will not be interfered by the High Court in second appeal. Adopting any other approach is not permissible. It has also held that there is a difference between question of law and a substantial question of law . Consequently, this Court finds that there is no perversity in the findings of the ITAT. Appeal dismissed. - ITA 173/2021 - - - D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pellant submits that the ITAT failed to appreciate that the transaction entered by the assessee for purchase of shares of CCL International Ltd. are in the nature of bogus or colourable transaction resulting in huge capital gain to the assessee. He states that the ITAT erred in holding that to prove a bogus or colourable Transaction there has to be an individual inquiry by the Assessing Officer ig ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... national Ltd. were freely traded at the Bombay Stock Exchange between the years 2011 and 2014 and the assessee had purchased the shares in 2011 and sold the same in 2012. The ITAT also found that the revenue from the operation of M/s CCL International Ltd. from March, 2010 to March, 2012 was between ₹ 55.25 crores to ₹ 79 crores and the share price during the period 2010 to 2014 had in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the lower appellate court will not be interfered by the High Court in second appeal. Adopting any other approach is not permissible. It has also held that there is a difference between question of law and a substantial question of law . Consequently, this Court finds that there is no perversity in the findings of the ITAT. 9. Accordingly, the present appeal is dismissed. - - TaxTMI - TMI ..... X X X X Extracts X X X X X X X X Extracts X X X X
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