2025 (8) TMI 1803

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.... Appellant: Mr. Tilak Mitra, Adv. Mr. Prithu Dudhoria, Adv. For the Respondent: None. 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 December 30, 2024 passed by the Income Tax Appellate Tribunal, A-Bench, Kolkata (the Tribunal) in ITA/190/Kol/2024 for the assessment year 2015-16. 2. There is a delay....

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....eous in law and in fact when it failed to give credence to investigations made by the Assessing Officer, Investigation Wing of the Income Tax Department as well as SEBI on astronomical rise in prices of shares of companies which have no net worth and no financial foundation and thereby failed to apply the test of human probability to ascertain the true nature of transactions resulting in bogus LTC....

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....ares of Appu Marketing & Manufacturing Ltd./Ejecta Marketing Ltd., which information the Tribunal found was very much available on record when the assessment was completed under Section 143(3) of the Act. Therefore, we are of the view that the learned Tribunal was fully justified that there was no reason to believe that the income chargeable to tax has escaped assessment and that the assessee fail....