ORDER :

BHARGAV D. KARIA, J.

[1] Being aggrieved and dissatisfied with the order dated 27th July 2023 passed by the Income Tax Appellate Tribunal, Surat Bench, Surat (for short, “the Tribunal”) in ITA No.73/SRT/2023 for Assessment Year 2014-15, the appellant - Revenue has preferred this Tax Appeal under Section 260A of the Income Tax Act, 1961 (for short, “the Act”) with the following proposed substantial questions of law:

“i) Whether on the facts and in the circumstances of the case and in law, the Hon’ble ITAT was justified in deleting the addition of sale proceeds of the share of Rs.49,01,840/- on account of unexplained income u/s 68 of the Act made by the Assessing Officer arising out of sale of shares of Sunrise Asian Ltd., a penny stock and without appreciating the findings of the Assessing Officer that the price movement of the company were not supported by financial fundamentals of the company?

ii) "Whether on the facts and in the circumstances of the case and in law, the Hon'ble ITAT was justified in allowing the appeal of the Assessee by holding that the investment in sha