2024 (1) TMI 1529

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....ndalia, Adv., Mr. Prithu Dudhoria, Adv. For the Respondent : Mr. Avra Mazumder, Adv., Mr. Samrat Das, Adv. ORDER 1.  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 28th December, 2022 passed by the Income Tax Appellate Tribunal, "C" Bench, Kolkata (the Tribunal) in ITA No. 38/Kol/2021 for ....

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.... order by not considering the principle which has been laid down by the Hon'ble Supreme Court in the case of Pr. CIT, Central-1, Delhi Vs. NRA Iron & Steel Pvt. Ltd. 412 ITR 161(SC) which holds that if the enquiries and investigations revealed the identity of the creditors to be dubious or doubtful or lacking creditworthiness, then genuineness of the transaction would not be established, in such a....

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....mder, learned standing counsel appearing for the respondent assessee. 4. We have carefully gone through the orders passed by the Commissioner of Income Act (Appeals)-7, Kolkata, CIT (A) dated 8th September, 2020. From the said order it is seen that the source of funds by all the share applicants has been examined by the CIT (A) and it has been pointed out that the assessing officer has not foun....

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.... by them from the assessee in respect of the shares allotted to them. 5. We find that the CIT (A) has made a thorough factual exercise and examined the matter and held that the genuinity of the transactions has been proved apart from the identity and the creditworthiness of the share applicants. The revenue carried the matter in appeal before the learned Tribunal and the learned Tribunal on its....