COMMISSIONER OF INCOME TAX Vs. TRADE APARTMENTS LTD.

JUDGEMENT

(1.) THE subject matter of challenge in this appeal is a judgment and order dated 21st June, 2013 passed by the learned Income Tax Appellate Tribunal dismissing the appeal preferred by the revenue. The revenue has come up in appeal before this Court. The facts and circumstances of the case would appear from the assessment order dated 24th November, 2006, which are as follows:

(2.) THE assessing officer, in the circumstances, reduced the value of transfer from investment to stock -in -trade by a sum of Rs. 2,47,05,000/ -.

(3.) THE revenue unsuccessfully challenged the order dated 2nd June, 2008 before the learned Tribunal which was dismissed by the judgment and order dated 21st June, 2013. The learned Tribunal, agreeing with the views of the CIT(A), dismissed the appeal and in doing so, held as follows: