Case Law Details
Case Name : M/s. Subhalakshmi Vanijya Pvt. Ltd. Vs CIT (ITAT Kolkata)
Related Assessment Year : 2009-10
Courts :
All ITAT ITAT Kolkata
Become a Premium member to Download.
If you are already a Premium member, Login here to access.
Issue of Share at Premium- CIT can revise order u/s 147 by invoking provision of section 263- ITAT Kolkata
Brief of the case:
In these cases there are 18 different assessees who filed appeal before ITAT aggrieved from the order u/s 263 passed by CITs. In original proceedings AO passed orders with nominal additions after investigation by way of summoning various subscribers to share capital of assessee companies. Subsequently, CIT issued notice u/s 263 and found assessment order erroneous and prejudicial to the interest of the revenue. In order to decide the appeals on merits, ITAT examined two...
This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Kindly Refer to
Privacy Policy &
Complete Terms of Use and Disclaimer.
VERY INFORMATIVE AND VERY GOOD ANALYSIS,BUT IN KOLKATA WHERE PROFESSIONAL OPPORTUNITIES ARE RARE BECAUSE OF NO INDUSTRIAL OR OTHER DEVELOPMENT,PROFESSIONALS RESORT TO SUCH PRACTICES AND FACTS ARE KNOWN TO ALL,AS ALL OFFICERS/CLERKS ETC ARE HAND IN GLOVE WITH THE OPERATORS AND KNOW THE PRICE FOR SUCH DEEDS WOULD BE PAID BY THE IGNORANT ASSESSEES.HOPE PROFESSIONALS WOLUD LEARN A LESSON FROM THIS DECISION.