2023 (5) TMI 419

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....ant.: Mr. Vipul Kundalia, Adv. Mr. Soumen Bhattacharjee, Adv. .... For the Respondent.: Mr.Avra Mazumder, Adv. Mr. Samrat Das, Adv. ... ORDER GA/1/2022 The Court : We have heard respective counsel for the either side. It appears that there is a delay of 301 days in filing the appeal. On perusal of the affidavit filed in support of the condone delay petition, we find that sufficient cau....

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....d ? b) Whether the Learned Tribunal has committed substantial error in law by holding that the issue of huge unaccounted fund of Rs.25,00,000/- after layering through various companies to the assessee company's bank account need no verification and enquiries and such finding is perverse ? c) Whether the Learned Tribunal has failed to consider that 'Prejudicial to the interests of....

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....escaped assessment and the revenue being aggrieved by the said finding on an appeal before us. What is important to note in the instant case is that the assessment for the year under consideration, AY 2012-13 was completed on 30.03.2015. Subsequently, the assessment was reopened based on the information received from the DDIT (Investigation) Unit 2(2), Kolkata dated 06.03.2019. Thereafter, notice ....

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....corded any finding that he has reason to believe that income that is assessable to tax has escaped assessment. In the absence of such finding, we are of the view that the Tribunal was right in coming to the conclusion that the PCIT erred in exercising its jurisdiction. Our view is supported by the decision in the case of PCIT Vs. ANINDITA STEELS LIMITED ; [2022] 137. taxmann.com 203 (CAL). T....