2017 (12) TMI 61

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....nt : Mr. J.P.khaitan, Sr. Advocate ORDER The Court: This appeal is against a decision dated 16th October, 2015 of the Income Tax Appellate Tribunal, Kolkata "B" Bench for assessment years 2006-07 and 2007-08 upholding the assessee's stand that a sum of Rs. 7,60,00,000/- could not be added to its income for the purpose of tax. The Assessing Officer found that the assessee had received the sai....

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.... the following questions suggested: "(i) Whether on the facts and in the circumstances of the case the Ld. Tribunal has erred in law in deleting the addition under section 2(22)(e) of the I.T. Act, 1961, for the assessment year 2007-08 despite the facts that a common shareholder was holding more than 50% of shares in the assessee company and 65% of the shares in the lending company and th....

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.... Court by a coordinate Bench in the case of CIT Vs. M/s. Baljit Securities Pvt. Ltd. (ITAT no.74 of 2013) decided on 24th June, 2013. This Bench has followed that judgment in Principal Commissioner of Income tax-3, Kolkata Vs. Rungta Properties (P) Ltd. reported in 2017[249] Taxman 18. The question suggested by the Revenue for admission, we find, is squarely covered by the aforesaid authority i....