TaxTMI 
TaxTMI 
2022 (11) TMI 548
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....the Income Tax Appellate Tribunal, "A" Bench, Kolkata (Tribunal) in I.T.(SS) A. Nos.35 to 39/Kol/2013 for the assessment years 2004-05 to 2008-09. During the pendency of this appeal, the name of the assessee company has been changed to Lim Real Estate Pvt. Ltd., as certified by the Registrar of Companies, Kolkata vide a certificate dated 29th September, 2020. Accordingly, in the cause title below, the name of the assessee the new name of the company be shown. We have heard Mr. J.P. Khaitan, learned senior Counsel appearing for the appellant and Mr. Soumen Bhattacharjee, learned standing Counsel for the respondent. The assessee has raised the following substantial question of law for consideration :- "Whether and in the eve....
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....ke time to establish its name in the market. Thus, keeping in view all these facts the profit was estimated by the learned tribunal and it was held that the profit for the assessment year if estimated at 10%, for the assessment year 2004-05 at 10%, for the assessment year 2005-06 at 12.5%, for the assessment year 2006-07 at 15%, for the assessment year 2007-08 at 20% and for the assessment year 2008-09 at 25%. It would not only protect the interest of the revenue but also that of the assessee. The assessee carried the matter on appeal before this court contending that the tribunal should have directed the application of net profit rate estimated by it with entire receipts, both disclosed and undisclosed and having not done so, the order ....
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....Tribunal more so in para 7 at page 6 clearly says as follows : "In view of this fact, in our opinion, this will meet the canons of justice to both the parties, if profit for the assessment year is estimated @ 10%, for the assessment year 2005-06 @ 12.5%, for the assessment year 2006-07 @ 15%, for the assessment year 2007-08 @ 20% and for the assessment year 2008-09 @ 25%". The words used in the order are clearly profit for the assessment year. Having specifically adjudicated the issue of the profit for the assessment year, now the claim of the assessee for further clarifications is nothing but review of the order. Obviously when profit for the assessment year is mentioned, the profit has to be decided for the turnover in its ....
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....s Court to file such application which leave was granted by order dated 6th August, 2014. Therefore, the order passed by the learned tribunal in the miscellaneous applications dated 20th February, 2015 merges with the main order passed by the tribunal dated 17th January, 2014 which is impugned in this appeal. Therefore, the objection raised by the revenue cannot be sustained. Accordingly, GA No.1660 of 2014 is allowed. Thus, we are required to test the correctness of the order passed by the learned tribunal dated 17th January, 2014 together with the order passed in the miscellaneous application dated 20th February, 2014. In the previous paragraph we have extracted the operative portion of the order passed by the learned tribunal dated....