2023 (2) TMI 1366

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....r. Asim Choudhury, Adv. Mr. Soham Sen, Adv. For the Respondent ORDER The Court : This appeal by the Revenue filed under Section 260A of the Income Tax Act, 1961 (the Act) is directed against the order dated 20th March, 2020 passed by the Income Tax Appellate Tribunal, 'B' Bench, Kolkata (Tribunal) in ITA No.2548/Kol/2019 for the assessment year 2013-14. The revenue has raised the following subst....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....instant case is whether the learned Tribunal is right in allowing the assessee's appeal by setting aside the order passed by the Commissioner of Income Tax (Appeals) affirming the order passed by the Assessing Officer. The order passed by the learned Tribunal is a very elaborate order and the discussion starts from paragraph 20 of the order. From the facts noted by the Tribunal, we find that the r....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....his regard the Assessing officer called for an explanation in respect of investment of Rs.17.46 Crore. The assessee has given certain explanation. The Tribunal has taken note of the remand report which was called for from the Assessing Officer by the CIT(A) from which it was noted that the Assessing Officer did not find any fault with the joint venture agreement signed by the assessee with M/s. NC....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....d not have been relied upon. Furthermore, the learned Tribunal also took note of the various documents which were filed by the assessee before the authorities and on facts found that the authorities could not controvert the veracity of those documents nor its genuinity and therefore held that an addition made in Section 68 based on two statements would not be sustainable in law. The next aspect ....