2023 (2) TMI 1330

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..... Surana, Adv. Mr. Bhaskar Sengupta, Adv. ...for respondent The Court : - Heard learned Counsel for either side. This appeal filed by the revenue filed under Section 260A of the Income Tax Act, 1961 (the Act) is directed against the order dated 18th June, 2021 passed by the Income Tax Appellate Tribunal 'A' Bench Kolkata in ITA No.104 (Kol) of 2020 relating to Assessment Year 2014-2015. The Re....

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....ed in Circular No. 23 of 2019 dated 06.09.2019 ?  The issue which falls for consideration in the instant case is whether the Principal Commissioner of Income Tax was justified in invoking his jurisdiction under Section 263 of the Act. On going through the order passed by the learned Tribunal we find that the learned Tribunal has examined the facts and found that the assessing officer has ca....

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....es. The evidences include statement showing scripwise, datawise, quantity and amount of pending stock, purchase, sales, closing stock and profits/loss arising therefrom. The copies of the purchase ledger as well as sales ledger, closing stock detailed DP holding statement, showing closing stock, market quotation, in respect of valuation of closing stock, demat charges ledger, brokers' ledger in th....

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....pect of the short term capital loss from the sale of three scrips. Therefore, Tribunal found there was absolutely no justification on the part of the Principal Commissioner of Income Tax to invoke his jurisdiction under Section 263 of the Act. The learned Advocate appearing for the respondent placed reliance on the decision of this Court in the case of Principal Commissioner of Income Tax (2), Cal....