2023 (5) TMI 1424

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....e Appellant : Ms. Smita Das De, Adv., Mr. Amit Sharma, Adv. For the Respondent : Mr. Prityush Jhunjhunwalla, Adv. ORDER 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. The Revenue has raised the following substantial questions of law for conside....

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....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 ? Heard learned advocates on either side. The revenue on appeal challenging the correctness....

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....eated 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. 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/holding company was intere....