2025 (7) TMI 829

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....nal "A" Bench, Kolkata (the Tribunal) in ITA/473/Kol/2019 for the assessment year 2012-13. The revenue has raised the following substantial questions of law for consideration : (a) WHETHER on the facts and in the circumstances of the case the Learned Income Tax Appellate Tribunal was not justified in law in admitting, accepting and relying on the share valuation certificate dated December 16, 2022 to justify the share premium transactions, as the valuation certificate was not produced before AO/CIT(A)/ITAT or Hon'ble High court earlier, and in any case such valuation on the date of issue is flawed erroneous and unreliable? (b) WHETHER on the facts and in the circumstances of the case the Learned Income Tax Appellate Tribunal was n....

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....als)-9 Kolkata [CIT(A)] dated 21.1.2019 was allowed. Earlier the appeal was taken up for hearing by the learned Tribunal and it was disposed of by an order dated 23.2.2023. This order was put to challenge by the revenue before this court in ITAT/36/2024 and the said appeal was allowed by judgment date 10.4.2024 and the matter was remanded back to the Tribunal for fresh consideration. Upon such remand, the Tribunal has heard the matter and has allowed the assessee's appeal. Aggrieved by such order, the revenue has preferred this present appeal. The assessing officer has made addition under section 68 of the Act for alleged unexplained share capital and share premium received from five share applicants. This order was affirmed by the CIT(A). ....