M/S. SWASTI REALINFRA PVT. LTD.,KOLKATA vs. I.T.O., WARD - 10(4), KOLKATA, KOLKATA

Per Sanjay Garg, Judicial Member:

The present appeal has been preferred by the assessee against the order of the Ld. Commissioner of Income Tax (Appeals) [hereinafter referred to as “the Ld. CIT(A)], National Faceless Appeal Centre (NFAC), Delhi, passed u/s 250 of the Income Tax Act, 1961 (hereinafter referred to as “the Act”) dated, 29.04.2024. 2. The assessee in this appeal is aggrieved by the action of the Ld. CIT(A) in confirming the addition made by the Assessing Officer (in short “the AO”) of Rs. 2,32,50,000/- by considering the share capital and share premium received by the assessee income of the assessee from as unexplained

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M/s Swasti Realinfra Pvt. Ltd.

sources. At the outset, the Ld. Counsel for the assessee has invited our attention to the impugned assessment order to submit that the impugned assessment order dated 21.11.2019 has been passed u/s 143(3)/263 of the Act in compliance of the order of Ld. Principal Commissioner of Income
Tax, Kolkata (in short ‘the Ld. PCIT) dated 08.03.2019 passed u/s 263 of the Act, whereby the Ld. PCIT set aside the earlier order dated 09.08.2016, passed u/s 143(3)/263 of the Act and directed the AO to pass afresh assessment order after duly examining the issue relating to share capital and share premium received by the assessee. As per the directions given by him in the said order dated 08.03.2019. The Ld. Counsel for the assessee has further invited our attention to the order of the Co-ordinate
Bench of the Tribunal in case of the assessee passed in ITA No.
1105/Kol/2019 vide order dated 11.01.2023, whereby, the Coordinate
Bench of the Tribunal has quashed the order dated 08.03.2019 passed by the Ld. PCIT u/s 263 of the Act. Since the said order dated 08.03.2019
stood quashed by the coordinate Bench of the Tribunal vide order dated
11.01.2023 of the Tribunal, therefore, the consequential assessment order has no legs to stand and the same being become non-est/in-operative.
Since the present appeal pertains to the additions made, by while giving the fact to the order of the Ld. PCIT dated 08.03.2019 and the said order stand quashed by the Tribunal, therefore, the consequential additions also stood quashed/deleted and the present appeal of the assessee has become infructuous hence, and the same is accordingly dismissed.
3. In the result, appeal filed by the assessee is dismissed.
Order pronounced in the court on 31.01.2025 (Rakesh Mishra) (Sanjay Garg)
Accountant Member

Judicial Member
Dated: 31.01.2025
AK, P.S.

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M/s Swasti Realinfra Pvt. Ltd.

Copy of the order forwarded to:
1. M/s Swasti Realinfra Pvt. Ltd.
2. The Income Tax Officer, Ward 10(4), Kolkata
3. CIT(A)-
4. CIT-

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By order