Case Law Details
PCIT Vs Ambition Agencies Private Limited (Calcutta High Court)
The Court :- This appeal by the revenue filed under Section 260A of the Income Tax Act, 1961 (the Act in brevity) is directed against the order dated 9th November, 2016 passed by the Income Tax Appellate Tribunal “C” Bench Kolkata (Tribunal) in I.T.A. No.713/Kol/2011 for the assessment year 2006-07. The revenue has raised the following substantial questions of law for consideration in this appeal;-
(a) Whether on the facts and in the circumstances of the case the Learned Tribunal, erred in law in upholding the order of the CIT (Appeals) by deleting the addition of Rs.11,39,00,000/-made by the Assessing Officer under Section 68 of Income Tax Act, 1961 by disregarding that the assessee could not satisfactorily explain the genuineness of the transactions and creditworthiness of the share applicants in question ?
(b) Whether on the facts and in the circumstances of the case the Learned Tribunal, erred in law in holding that the manner in which the Learned CIT (Appeals) remanded the issue to the Assessing Officer was in consonance with the provision of Section 250(4) of Income Tax Act, 1961 read with Rule 46A of Income Tax Rules, 1962?
(c) Whether on the facts and in the circumstances of the case conclusion arrived at by the Learned Tribunal in dismissing the Appeal of the revenue, is perverse ?
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