2025 (7) TMI 1980

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....dent : Mr. S.M. Surana, Adv., Mr. Pratyush Jhunjhunwala, Adv., Ms. Sruti Datta, Adv., Ms. Sakshi Singhi, Adv. 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 May 14, 2024 passed by the Income Tax Appellate Tribunal, C- Bench, Kolkata (the Tribunal) in ITA/1393/Kol/2023 for the assessment year 2012....

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....e Supreme Court in the case of Novodaya Castle (P) Ltd [(2015) 56 Taxmann.com 18(SC)? c) WHETHER in facts and in the circumstances of the case the Ld. Income Tax Appellate Tribunal was not justified in law in not in not following the judicial principles laid down in the matter of Pr. CIT (Cen)-2 Kolkata vs M/s BST Infratech Ltd. in ITAT/67/2024 dated 23/04/2024, [2024]161 Taxman.co, 668 (....

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....hare applicant has furnished income tax returns, financial statement, bank statement, confirmation of account and also confirmed the source of fund applied for making investment in the assessee company. The Tribunal found that the individual share applicants are mostly relatives and known to the director of the assessee company. All those documents filed before the assessing officer are once again....

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....ssessment orders passed under Section 143(3) of the Act. Furthermore, the Tribunal noted that in the audited balance-sheet it is shown that at the time of making investment in the assessee company those share applicants which are private limited company had sufficient net worth in the form of share capital and reserve and surplus to explain the amount invested. Furthermore, the Tribunal has record....