9911796707
TMI Blog2024 (5) TMI 1519X X X X Extracts X X X X X X X X Extracts X X X X ..... one a thorough and elaborate examination of the facts. It also took note of the response filed to the notices issued under Section 133(6) of the Act. Thereafter it proceeded to examine the resource and surplus of the companies which had subscribed to the shares of the assessee company and found that all the share subscribers are regularly assessed to tax, they are filing Income tax Returns; books ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t : Mr. Abhratosh Majumder, Sr. Adv., Mr. Pratyush Jhunjhunwalla, Adv., Ms. Sretapa Sinha, Adv., Mr. Kausheyo Roy, Adv. ORDER The Court : This appeal by the revenue filed under Section 260A of the Income Tax Act, 1961 (the Act) is directed against the order dated 13th April, 2023 passed by the Income Tax Appellate Tribunal, "A" Bench, Kolkata in ITA No. 26/Kol/2019 for the assessment year 2008-0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t? iii) Whether the Learned Tribunal has substantially erred in law in ignoring that the respondent assessee has failed to discharge its onus of proving the identity, genuineness and creditworthiness of the subscribing companies as well as genuineness of the share transactions? We have heard Mr. Om Narayan Rai, learned standing Counsel for the appellant and Mr. Abhratosh Majumder, learned senio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sions of Section 68 of the Act. Aggrieved by the same, the assessee preferred appeal before the Commissioner of Income Tax (Appeals)-17, [CIT(A)]. Before the Appellate authority the assessee did not appear and the Appellate authority by order dated 20th March, 2017 dismissed the appeal. The assessee carried the matter in appeal to the learned Tribunal. Learned Tribunal, as we find from the impugn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ibers are active companies. Thus, after taking into consideration the factual position, the Tribunal came to the conclusion that the assessee has successfully discharged the primary onus cast upon them to explain the investment. Thus, we find that the Tribunal upon appreciation of the factual position has granted relief to the assessee and therefore, we hold that there is no question of law, muc ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
