2022 (11) TMI 1454

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.... Subhas Agarwal, Adv. ORDER The Court :- This appeal has been filed by the revenue under Section 260A of the Income Tax Act, 1961 (the Act) is directed against the order dated 21.4.2021 passed by the Income Tax Appellate Tribunal "C" Bench, Kolkata in ITA No.260/Kol/2019 for the assessment year 2014-2015. 2. The revenue has raised the following substantial questions of law for considerati....

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....erlooking the documentary evidence in depth and in light of conduct of the assessee and other surrounding circumstances in order to see whether the assessee is liable to the provisions of section 68 or not?" 3. We have heard Mr. Tilak Mitra, learned standing Counsel for appellant/revenue and Mr. Subhas Agarwal, learned Advocate for the respondent. 4. We find from the order passed by the lear....

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....3 of the Act himself exercised jurisdiction at the instance of the assessing officer which is against the provision of the law. This decision supports the case of the respondent assessee. Hence, for the above reasons, we are of the view that the order passed by the learned tribunal on the first ground, namely with regard to the correctness of the exercise of power under section 263 of the Act has ....