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Income Tax Appellate Tribunal, “C” BENCH, KOLKATA
Before: SHRI RAJPAL YADAV & SHRI GIRISH AGRAWAL
PER RAJPAL YADAV, VICE PRESIDENT :
The present appeal is directed at the instance of the assessee against the order of the Learned Principal Commissioner of Income Tax, Kolkata (hereinafter the “ld. Commissioner”) passed u/s 263 of the Income Tax Act, 1961 (“the Act’), for Assessment Year 2016-17. 2. The assessee has taken ten grounds of appeal in Form No.
However, thereafter it has filed statement of facts and reiterated its challenge in summarized grounds of appeal. These grounds read as under:-
“1. That on the facts and in the circumstances of the case and law, the order made by the d. Pr. CIT under section 263 of the Income tax Act, 1961 (IT Act') is illegal, invalid and not sustainable in law.
That on the facts and in the circumstances of the case and law, the Ld. Pr. CIT grossly erred in passing the order under section 263 even though the assessment order under section 143(3) dated 28th December 2018 passed by the Assessing Officer (AO) was neither erroneous nor prejudicial to the interest of the Revenue. Assessment Year: 2016-17 Intelligent Infrastructure Ltd. 2
That on the facts and in the circumstances of the case and law, the AO after due examination of the relevant facts having already followed one of the courses permissible in law, the Ld. Pr. CIT was unjustified in setting aside the assessment for computing book profit under section 115JB of the act by making the addition of Rs.2,28,88,803/- for interest on service tax disallowed in computing income under normal provisions of the act.
That the Appellant having applied for Vivad Se Vishwas Scheme on the issue of addition under section 50C of the Act on the difference in sale consideration as per sale deed and the stamp duty value determined by the Addl. District