2022 (2) TMI 1456

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....bunal, `A' Bench, Kolkata in ITA Nos. 305 and 306/Kol/2018 for the assessment years 2012-13 and 2013-14. Revenue has raised the following substantial questions of law for both the assessment years. Assessment Year 2012-13 (a) Whether on the facts and circumstances of the case and in law, Learned Income Tax Appellate Tribunal has erred in deleting a sum of Rs. 10,65,32,302/- representing alleged unsecured loan received by the assessee? (b) Whether on the facts and circumstances of the case and in law, Learned Income Tax Appellate Tribunal has erred in appreciating the fact that the assessee failed to file any details or documents with regard to receipt of alleged unsecured loan substantiating creditworthiness a....

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.... 2. We have heard Mr. Debasish Chowdhury, learned Standing Counsel, appearing for the appellant/revenue and Mr. J.P. Khaitan, learned Senior Counsel, assisted by Ms. Swapna Das and Mr. Siddhartha Das, learned Counsel for the respondent/assessee. 3. Two issues fall for consideration in this appeal. Except for the amounts involved, the questions of law raised by the revenue in both the matters are identical. The first question is with regard to the addition made under Section 68 of the Act and whether the Commissioner of Income Tax (Appeal) [CIT(A)] and the Tribunal were justified in deleting the said addition. The second question pertains to whether Section 14A read with Rule 8D could have been invoked by the Assessing Officer. On the se....