2022 (11) TMI 1324

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....n Bhattacharjee, Adv. For the respondent : Mr. S.M. Surana, Adv, Mr. Bhaskar Sengupta, Adv. ORDER The Court :- This appeal filed by the revenue is directed against the order dated 17.02.2021 passed by the Income Tax Appellate Tribunal, "A" Bench, Kolkata (Tribunal) in ITA No. 303/Kol/2020 for the assessment year 2013-2014. The revenue has raised the following substantial questions of law for....

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....al to the interest of the Revenue ? iii) Whether the Learned Tribunal has committed substantial error in law in quashing the order under section 263 of the Act of PCIT dated 21.02.2020 whereas Apex Court in the case of Pr. CIT -Vs - NRA Iron Steel Pvt. Ltd. held that the practice of conversion of unaccounted money through the cloak of share capital and premium must be subjected to careful scruti....

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.... of the Shareholding Company M/s. Laxmi Timber Pvt. Ltd. in consonance with the direction issued by the Principal Commissioner of Income Tax under Section 263 of the Act. This finding would be seen from paragraphs 5 to 7 of the assessment order. Thus the learned Tribunal on re-verification of the facts found that this is not a case of non application of mind nor this is a case of failure to re-app....