2023 (2) TMI 1330

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....jee, Adv. ...for appellant Mr. S.M. 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 relati....

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....tock and same is falls under the exceptional as specified 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 examin....

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....long with evidence in respect of the transaction in shares. 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 cl....

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....y adverse view against the claim of the assessee. In respect 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 t....