2024 (8) TMI 1302

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....: For the Appellant : Ms. Smita Das De, Adv. Mr. Amit Sharma, Adv.   For the Respondent : Mr. Prityush Jhunjhunwalla, Adv.   The Court :- This appeal is directed against the order dated 19.4.2023 passed by the Income Tax Appellate Tribunal "C" Bench, Kolkata in ITA no.565/Kol/2020 for the assessment year 2012-13. 2. The Revenue has raised the following substantial questions o....

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....te the fact that none of the directors of the respondent assessee responded and appeared in response to notice issued under section 131 of the Income Tax Act, 1961 before the Assessing Officer for verification, examination of genuineness of transitions, as well as the identity, creditworthiness of the share applicants ? 3. Heard learned advocates on either side. 4. The revenue on appeal chal....

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....at the assessee had treated the relevant financial year raised a share capital from one company namely, M/s. Infinity BNKE Infocity [P] Ltd., which is the holding company and the assessee is part of the real estate group of companies. 5. The share subscriber company was a holding company of the assessee company and both the companies were having common directors and that the share subscribing/h....

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....of the project either by own or through subsidiaries. 6. After discussing the other relevant facts, the Tribunal also took note that the CIT[A] called for a remand report from assessing officer in respect of various details and evidence was submitted by the assessee and thereafter after considering the remand report the CIT[A] passed the order. The Tribunal also took note of the decisions of th....