2024 (1) TMI 1475

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.... Mr. Amit Sharma, Adv. ..for the appellant Mr. Pranit Bag, Adv. Mr. Pradeep Jewrajka, Adv. Ms. Pooja Jewrajka, Adv. ..for the respondent ORDER The Court : This appeal filed by the revenue under Section 260A of the Income Tax Act, 1961 (the Act) is directed against the order dated 23rd February, 2023 passed by the Income Tax Appellate Tribunal, A-Bench, Kolkata (the Tribunal) in ITA No.112....

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....t Sharma, learned standing counsel appearing for the appellant/revenue and Mr. Pranit Bag, learned advocate appearing for the respondent/assessee. The short issue involved in the instant case is whether the Principal Commissioner of Income Tax, Central - 1, Kolkata [PCIT] was justified in invoking his power under Section 263 of the Act. The learned Tribunal upon going through the facts has recorde....

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....that ld. AO has not conducted the necessary enquiry but in the impugned proceedings has not given any specific finding as to what was the information which ld. AO has not called for and also has not given any comment on such information which ld. Pr. Cit was required to call for during the course of revisionary proceedings before holding the assessment order in question as erroneous and prejudicia....

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.... with regard to the issue under consideration and was fully satisfied with the details furnished by the assessee and also accepted the identity, creditworthiness and genuineness of the cash creditors and took a plausible view as provided under the Act and completed the assessment under Section 143A read with Section 143(3) of the Act. The learned Tribunal also faulted the PCIT for making a general....