2022 (7) TMI 1542

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....ant in Item No.22 : Mr. Prithu Dudharia, Adv For The Appellant in Item No.24: Mr. S. Roy Chowdhury, Adv. For the Respondents : Ms. Swapna Das, Mr. Siddhartha Das, Advs. The Court : This appeal by the revenue filed under section 260A of the Income Tax Act, 1961 [the Act, for brevity] is directed against the common order passed by the Income Tax Appellate Tribunal, "B" Bench, Kolkata in ITA No.11....

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....is whether the Principal Commissioner of Income Tax - 10, Kolkata [PCIT] could have exercised his powers under section 263 of the Act. In our considered view, the tribunal has elaborately examined this issue, taken note of the decision of the Hon'ble Supreme Court in Malabar Industrial Co. Ltd. vs. CIT [2000] 243 ITR 83 [SC] and allowed the appeal. Further, the tribunal has noted that the assessin....

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....udited books of accounts, quantity details, etc.. Further, the tribunal found that the assessee's books of accounts were audited by the Chartered Accountant, the quantity details were given in respect of opening stock, purchase, sales, closing stock, etc. Furthermore, the tribunal pointed out that no discrepancy was found between the purchase shown by the assessee and the sales decline. Thus, on f....