IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ORDINARY ORIGINAL CIVIL JURISDICTION ORDINARY ORIGINAL CIVIL JURISDICTION INCOME TAX INCOME TAX INCOME TAX APPEAL NO. 1007 OF 2008 APPEAL NO. 1007 OF 2008 APPEAL NO. 1007 OF 2008 The Commissioner of Income Tax. ... Appellant. V/s. M/s.Tejaskiran Pharamachem Ind. Pvt.Ltd. ... Respondent. D.A.Athwale for the appellant. P.J.Pardiwala i/b. A.K.Jasani for the respondent. CORAM : DR.S.RADHAKRISHNAN CORAM : DR.S.RADHAKRISHNAN CORAM : DR.S.RADHAKRISHNAN and V.C.DAGA, JJ. and V.C.DAGA, JJ. and V.C.DAGA, JJ. DATED : 6th October 2008. DATED : 6th October 2008. DATED : 6th October 2008. P.C. : P.C. : P.C. : ---- ---- ---- . Heard learned counsel for the appellant and learned counsel for the respondent. 2. In the above appeal, the appellant is seeking to raise the following question of law: "Whether on the facts and in the circumstances of the case and in law, the ITAT was right and justified in holding that on purchase of 2,25,000 shares of M/s.Sun Petrochemicals Pvt.Ltd. @ 5/- per share as against the break up value of Rs.10/- for such share, the assessee did not derive a benefit which was assessable as income u/s 28(iv) of the Act? 3. The learned counsel for the respondent pointed out order of this Court dated 11th August, 2008 passed in Income Tax Appeal No.962/2007 (C.I.T. v. C.I.T. v. C.I.T. v. M/s.Nirmal Exports Pvt.Ltd. M/s.Nirmal Exports Pvt.Ltd. M/s.Nirmal Exports Pvt.Ltd.); wherein this Court has declined to admit the appeal for the reasons stated therein. We have perused the order of the Income Tax Appellate Tribunal dated 11th August, 2008 impugned in this appeal. The Tribunal in paragraph-6 of the order observed as under: "6. In the case of M/s.Nirmit Exports Pvt.Ltd. (supra), the Tribunal, vide Para 3 of its order, dismissed the appeal preferred by the revenue, following its earlier order in ITA No.6419/Mum/2003, dated 21.09.2006, in the case of M/s.Asawari Inv. & Fin. Pvt.Ltd. Since there is no distinguishing fact in the instant case of the assessee, appeal of the revenue is liable to be dismissed. It is dismissed." 4. In view of our order dated 11th August, 2008 passed in Income Tax Appeal No.962/2007, for the same reasons the present appeal stands dismissed. (V.C.DAGA, J.) (DR.S.RADHAKRISHNAN, J.) (V.C.DAGA, J.) (DR.S.RADHAKRISHNAN, J.) (V.C.DAGA, J.) (DR.S.RADHAKRISHNAN, J.)