2022 (2) TMI 929

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....he 'Act' in brevity) is directed against the order dated 31st March, 2017 passed by the Income Tax Appellate Tribunal, Kolkata "B" Bench (the 'Tribunal' in short) in IT(SS)A No.104/Kol/2008 for the block period 1.4.1988 to 12.03.1999. The revenue has raised for the following substantial questions of law for consideration: "(a) Whether on the facts and the circumstances of the case, the Learned Tribunal has erred in law as well as on fact in deleting an amount of Rs. 7.10 crores which was voluntarily disclosed by the assessee himself in his return of income for the block period from 1st April, 1988 to 12th March, 1999 ? (b) Whether on the facts and the circumstances of the case, the Learned Tribunal has erred in law as w....

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....sel assisted by Mr. Avra Majumdar, learned Advocate for the respondent/assessee. First we take up the substantial questions of law (a) and (e) together as suggested by the revenue. These pertain to deletion of an amount of Rs. 7.10 crores which was disclosed by the assessee in the return of income filed pursuant to notice under Section 158BC(a)(ii) of the Act. In fact, this issue was not raised before the Commissioner of Income Tax (Appeals)-VI, Kolkata (CIT(A) when the assessee challenged the order of assessment dated 28th March, 2001. However, the assessee was on an appeal before the tribunal on the said issue. The tribunal considered the contentions of either side and set aside the finding of the assessing officer with regard to the a....

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.... to tax every year have not disclosed the paid-up or less paid-up capital, the amount of paid-up capital which have been disclosed in its balance-sheet every year. There are other findings of fact as well. Thus, we find that there is no substantial question of law arising on the said issue. Accordingly, the substantial question of law (b) as suggested stands rejected. With regard to substantial question of law (c) is concerned, the discussion is in paragraph 6 of the order passed by the tribunal. After analysing the facts, the tribunal concluded that addition made by the assessing officer is not on the basis of evidence or material to even remotely suggest that the cash deposited in bank accounts belongs to the assessee and the additi....