What did the Tribunal hold?

The Tribunal dismissed the Revenue's appeals for want of tax effect, as per CBDT Instruction No. 9 of 2024. The Tribunal also upheld the CIT(A)'s decision on merits regarding the valuation of shares.

The Revenue filed appeals against the CIT(A) orders for multiple assessment years. The tax effect of the relief granted by the CIT(A) was less than Rs. 60,00,000/- in all cases.

What were the issues?

The primary issue was the maintainability of the Revenue's appeals due to insufficient tax effect. A secondary issue concerned the allowability of valuation loss on shares.

ACIT vs Arissan Infrastructures Private… | ITAT Kolkata 2026

Income Tax Appellate Tribunal, “C” BENCH, KOLKATA

Before: SHRI RAJESH KUMAR, AM & SHRIPRADIP KUMAR CHOUBEY, JM

For Appellant: Shri Miraj D. Shah, AR

For Respondent: Shri Sandip Sarkar, DR

Hearing: 16.06.2026Pronounced: 25.06.2026

Per Rajesh Kumar, AM:

These are appeals by the Revenue against the orders of the Commissioner of Income-tax (Appeals), Kolkata-20, (hereinafter referred to as the “Ld. CIT(A)”]even dated 31.07.2024 for the AYs2013-14, 2015-16 & 2017-18.

At the outset, it is pertinent to note that the tax effect by virtue of relief given by the first appellate authority is less

2.1. On due consideration of the above facts and circumstances, we dismiss these appeals of the Revenue for want of tax effect. However, in case on re-verification of the facts at the end of the Assessing Officer, it comes out that tax effect is more or this case falls in any of the exceptions provided in this Instruction. Then Revenue will be at liberty to file Miscellaneous Application for revival of these appeals. Such application should be filed within the time limit provided in the Act.

2.2. All the appeals of the Revenue are dismissed. 3. We also note that in this case the assessee has not made any sale of shares and has only valued the stock of shares following method of valuation of cost or market value whichever is less. We note that this is the consistent method followed by the assessee for valuation of stocks. The shares were held in demat Account. We also note that the books of accounts of the assessee were not rejected and the assessee has been following the method of valuation consistently. Therefore, even on merit the appeal of the assessee has been

3.1. In the result, the appeals of the Revenue are dismissed.

Order pronounced on 25.06.2026.

Sd/- Sd/- (PRADIP KUMAR CHOUBEY) (RAJESH KUMAR) (JUDICIAL MEMBER) (ACCOUNTANT MEMBER) Kolkata, Dated: 25.06.2026 Sudip Sarkar, Sr.PS Copy of the Order forwarded to: 1. The Appellant 2. The Respondent 3. CIT DR, ITAT, 4. 5. Guard file. BY ORDER, True Copy//

Asst. Registrar Income Tax Appellate Tribunal, Kolkata

ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(2), KOLKATA, KOLKATA vs. ARISSAN INFRASTRUCTURES PRIVATE LIMITED, KOLKATA

What did the Tribunal hold?

What were the facts?

What were the issues?

Which sections of the Income-tax Act were involved?

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