2023 (5) TMI 365

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

..... : Mr. S.M. Surana, Sr. Adv. Mr. Bhaskar Sengupta, Adv. ... ORDER The Court : : This appeal by the revenue filed under Section 260A of the Income Tax, 1961 (the Act, for brevity) is directed against the order dated 10th December, 2021 passed by the Income Tax Appellate Tribunal, "B" Bench, Kolkata in ITA No. 419/Kol/2020 for the assessment year 2015-16. The revenue has raised the following sub....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....unds the PCIT exercised power under Section 263 of the Act of which three issues have become academic and the only surviving issue was in respect of loss of penny stock. On going through the order passed by the PCIT under Section 263 of the Act dated 23rd March, 2020, we find that the allegation is that the Assessing Officer has not done proper verification. To examine the correctness of the same....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....is was furnished by the assessee by reply dated 10th August, 2017. Thereafter, the assessee had submitted an explanation on 14th August, 2017 in respect of allowability of the loss and also explained various queries raised by the Assessing Officer on the said issue. The copy of the explanation has been filed in the paper book and we find it is an elaborate explanation not only on facts but also se....