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Income Tax Appellate Tribunal, KOLKATA ‘A’ BENCH, KOLKATA
Before: Shri J. Sudhakar Reddy & Shri S.S. Godara]
order : March 13th, 2020 ORDER Per J. Sudhakar Reddy, AM: These appeals are filed by the assessee directed against the order of the Commissioner of Income Tax (Appeals), Kolkata [‘CIT(A)’ for short] u/s 250 of the Income Tax Act, 1961 (‘the Act’ for short) for AYs 1985-86 and 1986-87 respectively.
In compliance with the judgment of the Hon’ble Supreme Court in Civil Appeal No. 1265 of 2007 judgment dated 09.07.2019, the order of the Kolkata ‘D’ Bench of the ITAT in and 1276(Cal) of 1993 dated 17.04.2006 in the case of the assessee company M/s. Peerless General Finance & Investment Company Limited for the AYs 1985-86 and 1986-87 are hereby restored. As the judgment of the Hon’ble High Court of Calcutta dated 06.10.2005 was reversed to the Hon’ble Supreme Court of India in ITR No. 1 of 2005.
2 & 1276/Kol/1993 Assessment Years: 1985-86 & 1986-87 The Peerless General Finance & Investment Company Limited.
Hence, we set aside the order of the ITAT passed u/s 260(1) on 17.04.2006, wherein effect was given to the judgment of the Hon’ble Calcutta High Court dated 06.10.2005 in ITR No. 1 of 2005.
Thus the orders of the ITAT in ITA Nos. 1275 and 1276(Cal) of 1993 dated 31.01.1995 for the AYs 1985-86 and 1986-87 allowing the appeals of the assessee hold the field as this order has been upheld by the Hon’ble Supreme Court of India. The AO is directed to pass consequential orders in compliance with this order of the ITAT in ITA Nos. 1275 and 1276(Cal) of 1993 dated 31.01.1995.
Ordered accordingly. Kolkata, the 13th March, 2020.
Sd/- Sd/- [S.S. Godara] [J. Sudhakar Reddy] Judicial Member Accountant Member Dated: 13.03.2020 Bidhan Copy of the order forwarded to:
1. 1. The Peerless General Finance & Investment Company Limited, 3, Esplanade East, Calcutta-700 069.
2. DCIT, Special Range-16, Calcutta.
3. JCIT, Special Range-13, Calcutta 4. CIT(A)-III, Kolkata (sent through e-mail) 5. CIT- 6. CIT(DR), Kolkata Benches, Kolkata. (sent through e-mail)