2023 (6) TMI 1482

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....itra, Adv., Mr. J.P. Khaitan, Sr. Adv. For the Respondent : Mr. Saumya Kejriwal, Adv. ORDER The Court : This appeal filed by the revenue under Section 260A of the Income Tax Act, 1961 (for brevity, the Act) is directed against an order dated 26th August, 2022 passed by the Income Tax Appellate Tribunal, B- Bench, Kolkata (the Tribunal) in ITA No.123/Kol/2015 for the assessment year 2008-0....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Deputy Commissioner of Income Tax under Section 263 of the Act. 5. After we have elaborately heard the learned advocates for the parties and carefully perused the order impugned in this appeal, we find that the Tribunal has conducted a thorough factual examination as to the correctness of the order passed in the second round that is after the direction was issued in the order passed under Sect....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e to the direction issued under Section 263 of the Act. The Tribunal has noted that the second assessing officer failed to comply with the direction issued by the PCIT in its order dated 7th March, 2013 and merely by surmises and conjectures held that the assessment in the share capital, share premium was not genuine and that the assessee has not discharged the burden cast upon him. The Tribunal h....