Pr. CIT v. One Point Commercial (P) Ltd.

Case Laws Analysis
REFERRED Pr. CIT v. NRA Iron & Steel (P) Ltd. 2019 TaxPub(DT) 1628 (SC)

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The Tax Publishers2024 TaxPub(DT) 1977 (Cal-HC) IN THE CALCUTTA HIGH COURT T.S. SIVAGNANAM & HIRANMAY BHATTACHARYYA Pr. CIT v. One Point Commercial (P) Ltd. ITAT/36/2024, IA No. GA/2/2024 10 April, 2024 Appellant by: Tilak Mitra, Adv. Prithu Dudhoria, Adv. Respondent by: Sutapa Roy Chowdhury, Adv. Narendra Kedia, Adv., Aratrika Roy, Adv. JUDGMENT 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 23-2-2023 passed by the Income Tax Appellate Tribunal, A Bench, Kolkata in ITA No. 473/Kol/2019 for the assessment year 2012-13. 2. The revenue has raised the following substantial questions of law for consideration :- (a) Whether on the facts and in the circumstances of the case the learned Income Tax Appellate Tribunal was erred in law in deleting the addition of Rs. 4,78,50,000 under section 68 of the Act on account of share capital and premium in the course of assessment in absence of identity of the creditors, genuineness and creditworthiness of the entire transaction ? SUBSCRIBE FOR FULL CONTENT

The Tax Publishers2024 TaxPub(DT) 1977 (Cal-HC)

IN THE CALCUTTA HIGH COURT

T.S. SIVAGNANAM & HIRANMAY BHATTACHARYYA

Pr. CIT v. One Point Commercial (P) Ltd.

ITAT/36/2024, IA No. GA/2/2024

10 April, 2024

Appellant by: Tilak Mitra, Adv. Prithu Dudhoria, Adv.

Respondent by: Sutapa Roy Chowdhury, Adv. Narendra Kedia, Adv., Aratrika Roy, Adv.

JUDGMENT

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 23-2-2023 passed by the Income Tax Appellate Tribunal, A Bench, Kolkata in ITA No. 473/Kol/2019 for the assessment year 2012-13.

2. The revenue has raised the following substantial questions of law for consideration :-

(a) Whether on the facts and in the circumstances of the case the learned Income Tax Appellate Tribunal was erred in law in deleting the addition of Rs. 4,78,50,000 under section 68 of the Act on account of share capital and premium in the course of assessment in absence of identity of the creditors, genuineness and creditworthiness of the entire transaction ?