TaxTMI 
TaxTMI 
2018 (12) TMI 635
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....he Income Tax Act, 1961. 2. The assessee in the present case is a Company, which is engaged in the business of manufacturing of tea and engineering goods. The return of income for the year under consideration was filed by it on 27.09.2010 declaring a loss of Rs. 5,39,95,743/- and after setting off the unabsorbed depreciation, the nil income was declared by the assessee. In the assessment completed under section 143(3) vide an order dated 13.03.2013, the total income of the assessee was determined by the Assessing Officer at Rs. 7,82,89,048/- after making various additions/disallowances. The record of the said assessment came to be examined by the ld. Principal CIT and on such examination, he found that the income earned by the assessee f....
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....nt proceedings and such non examination by the Assessing Officer rendered the assessment order passed by him under section 143(3) erroneous as well as prejudicial to the interest of the revenue. She accordingly set aside the said order vide an order dated 31.03.2015 passed under section 263 with a direction to the Assessing Officer to complete the assessment afresh by passing a speaking order after giving the assessee necessary opportunity of being heard. Aggrieved by the order of the ld. Principal CIT under section 263, the assessee has preferred this appeal before the Tribunal. 3. The ld. Counsel for the assessee submitted that the long-term capital gain earned by the assessee from the sale of shares in question was claimed to be exemp....
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....sue relating to the assessee's claim for exemption was still in dispute. He contended that the issue relating to the assessee's claim for the said exemption thus was examined by the Assessing Officer during the course of assessment proceedings and being aware of the latest development, the claim of the assessee for exemption was allowed by him by taking a conscious and well considered view. He contended that there was thus no error in the order of the Assessing Officer as alleged by the ld. Principal CIT calling for revision under section 263 of the Act. In support of this contention, the ld. Counsel for the assessee relied on the decision of the Hon'ble Calcutta High Court in the case of CIT -vs.- Mulchand Bagri [68 Taxman 215]. 4. The ....
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.... & 50 of the paper book) to contend that the issue relating to the assessee's claim for exemption on account of long-term capital gain arising from the sale of shares was enquired into and examined by the Assessing Officer, we find that what the Assessing Officer had called for were only the details of quoted and unquoted shares from the assessee and what the assessee had furnished in this regard vide its reply dated 22.11.2012 was only that there were no purchase of quoted and unquoted shares during the year under consideration except the sale of shares of Phoenix Yule Ltd. and Dishergarh Power Supply Co. Ltd. of 1,19,43,074 and 3,01,119 respectively. Besides this, there is nothing brought on record to show that any enquiry whatsoever was ....
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....Mulchand Bagri (supra) relied upon by the ld. Counsel for the assessee in support of the assessee's case, a finding was recorded by the Tribunal that the Assessing Officer had actually made an enquiry into the sale of silver utensils and since this finding of fact by the Tribunal had not been challenged, the Hon'ble Calcutta High Court held that the Commissioner was not right in his conclusion that the case of the assessee had been accepted by the Assessing Officer without any enquiry. The facts involved in the present case, however, are different, inasmuch as, the Assessing Officer, as already noted by us, had not made any enquiry on the issue of profit earned by the assessee from the sale of shares and taxability of the same in the hands ....