CIT v. Alagendran Finance Ltd.

M/S. REGAL VINCOM PVT. LTD.,KOLKATA vs. D.C.I.T., CC - 2(2), KOLKATA, KOLKATA

In the result, appeal of the assessee stands allowed

Bench: Shri Rajesh Kumar, Am & Shri Sonjoy Sarma, Jm]

…passing of the order u/s. 143(1), therefore, the same is barred by limitation in terms of provisions of section 263(2) of the Act. The Ld. AR in defense of his argument relied on the decision of of Hon’ble Apex Court in PCIT Vs. Alegendran Finance Ltd. (2007) 293 ITR 1(SC).The Ld. AR submitted that on this account the revisionary jurisdiction is barred by limitation. 6. Secondly, the Ld. AR submitted that the assessment framed u/s. 263/147/143(3) of the Act dated 20.02.2024 is neither erroneous nor prejudicial to the interest of the revenue and, therefore, the exercise of jurisdiction u/s. 263 is invalid and can…

USUF TRADING CO.,,MURSHIDABAD vs. PRINCIPAL COMMISSIONER OF INCOME TAX, KOLKATA - 1,, KOLKATA

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm Principal Commissioner Of Income Tax, Kolkata - 1, Usuf Trading Co., Office Of The Income Tax Officer, Near Railway Station, Dhuliyan Ward - 42(1), Murshidabad, 39, Jangipur, Murshidabad, Vs. R.N. Tagore Road, Behrampur, West Bengal, 742202 Murshidabad, West Bengal, 742101 (Appellant) (Respondent) Pan No. Aacfu4764B Assessee By : Shri S.K. Tulsiyan, Ar Revenue By : Shri Sanat Raha, Cit (Dr) Date Of Hearing: 07.05.2025 Date Of Pronouncement : 13.05.2025

…ses in violation of provisions of Section 40A(3)/ 3A were not disallowed. However, the same could not have been revised validly as it is barred by limitation as has been held in the decision of Hon'ble Apex Court in CIT –vs.- Alagendran Finance Limited (2007) 293 ITR 1 (SC) and Bombay High Court in CIT –vs.- ICICI Bank Limited (2012) 343 ITR 74 (Bom.).The ld. AR therefore prayed that the revisionary order passed by the ld. PCIT may kindly be quashed. 05. The ld. DR on the other hand relied on the order of PCIT by submitting that the ld. PCIT has revised the assessment framed on 06.03.2023 passed u/s 143 read wit…

MCLEOD RUSSEL INDIA LTD.,KOLKATA vs. PCIT, KOLKATA - 2, KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri Rajesh Kumar & Shri Pradip Kumar Choubeyआयकर अपील सं/Ita No.1136/Kol/2024 (नििाारण वर्ा / Assessment Year : 2015-2016) Mcleod Russel India Limited, Vs Pr.Cit, Kolkata-2 Four Mangoe Lane, Surendra Mohan Ghosh Sarani, Kolkata-700001 Pan No. :Aaace 6918 J (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) नििााररती की ओर से /Assessee By : Shri N.S.Saini, Ar & Ms. Priyanka Salarpuria, Ar राजस्व की ओर से /Revenue By : Shri P.N.Barnwal, Cit-Dr सुनवाई की तारीख / Date Of Hearing : 20/02/2025 घोषणा की तारीख/Date Of Pronouncement : 24/04/2025 आदेश / O R D E R Per Rajesh Kumar, Am : This Is An Appeal Filed By The Assessee Against The Order Dated 30.03.2024, Passed By The Ld. Pr.Cit, Kolkata-2, U/S.263 Of The Act For The Assessment Year 2015-2016 On The Following Grounds :- 1. On The Facts & In Circumstances Of The Case As Well As Law On The Subject, The Learned Pr. Cit Has Erred In Passing The Order U/S 263 By Invoking Of Section 263 Of The Act, Although The Assessment Order Passed U/S. 147 R.W.S. 143(3) Of The I. T. Act, 1961 Was Neither Erroneous Nor Prejudicial To The Interest Of The Revenue. 2. For That On The Facts & In The Circumstances Of The Case & In Law, The Reassessment Order For A.Y. 2015-16 Which Is Sought To Be Revised By The Ld. Pcit U/S 263 Had Neither Considered The Issue Of Eligibility For Deduction U/S 801E Of The 1.T. Act In The Reassessment Proceedings Nor The Reopening Of The Assessment Made On That Ground. Therefore, The Issue Does Not Arise Out Of The Order Passed U/S 147 Of The 1.T. Act, 1961. 3. For That On The Facts Of The Case & Law, The Issue Of Notice U/S 263 Of The Act On The Ground That The Assessee Company

…ssessee submitted that the order passed by the ld. Pr.CIT is invalid and therefereo may be quashed. 5. Ld. counsel in pursuance to his argument relied on the decision of the Hon’ble Apex Court in the case of CIT Vs. Alagendran Finance Ltd., reported in [2007] 293 ITR 1 (SC) and the decision of Hon’ble Bombay High Court in the case of ICICI Bank Ltd., reported in [2012] 343 ITR 74 (Bom.). The ld. AR also relied on the decision of the coordinate bench of the Tribunal in the case of Mcleod Russel India Ltd., passed in ITA No.984/Kol/2024, order dated 12.09.2024, wherein a similar issue has been decided in favour of…

BARIK BISWAS,KOLKATA vs. ACIT, KOLKATA

In the result, the appeals of the assessee in ITA No

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm

…ts in the bank account, whereas the issue in 263 was purchases made in violation of section 40A(3) of the Act. The ld. AR prayed that the same is bad in law by relying on the decision of Hon'ble Apex Court in the case of CIT vs. Alagendran Finance Ltd ( 2007) 293 ITR 1 (SC). The ld. AR further submitted that the said decision of the Apex Court has been followed in the case of Lark Chemicals Ltd. (2014) 368 ITR 655 (Bom), wherein the original assessment was u/s 143(1) then reopened u/s 147 of the Act wherein the issue for which 263 done was not there in the re-assessment proceedings. The Hon’ble Bombay High Court…

BARIK BISWAS,BASIRHAT vs. ACIT, KOLKATA

In the result, the appeals of the assessee in ITA No

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm

…ts in the bank account, whereas the issue in 263 was purchases made in violation of section 40A(3) of the Act. The ld. AR prayed that the same is bad in law by relying on the decision of Hon'ble Apex Court in the case of CIT vs. Alagendran Finance Ltd ( 2007) 293 ITR 1 (SC). The ld. AR further submitted that the said decision of the Apex Court has been followed in the case of Lark Chemicals Ltd. (2014) 368 ITR 655 (Bom), wherein the original assessment was u/s 143(1) then reopened u/s 147 of the Act wherein the issue for which 263 done was not there in the re-assessment proceedings. The Hon’ble Bombay High Court…

BARIK BISWAS,BASIRHAT vs. ACIT, KOLKATA

In the result, the appeals of the assessee in ITA No

…n the bank account, whereas the issue in 263\nwas purchases made in violation of section 40A(3) of the Act. The Id.\nAR prayed that the same is bad in law by relying on the decision of\nHon'ble Apex Court in the case of CIT vs. Alagendran Finance Ltd (\n2007) 293 ITR 1 (SC). The Id. AR further submitted that the said\ndecision of the Apex Court has been followed in the case of Lark\nChemicals Ltd. (2014) 368 ITR 655 (Bom), wherein the original\nassessment was u/s 143(1) then reopened u/s 147 of the Act wherein\nthe issue for which 263 done was not there in the re-assessment\nproceedings. The Hon'ble Bombay High C…

BARIK BISWAS,BASIRHAT vs. ACIT, KOLKATA

In the result, the appeals of the assessee in ITA No

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm

…ts in the bank account, whereas the issue in 263 was purchases made in violation of section 40A(3) of the Act. The ld. AR prayed that the same is bad in law by relying on the decision of Hon'ble Apex Court in the case of CIT vs. Alagendran Finance Ltd ( 2007) 293 ITR 1 (SC). The ld. AR further submitted that the said decision of the Apex Court has been followed in the case of Lark Chemicals Ltd. (2014) 368 ITR 655 (Bom), wherein the original assessment was u/s 143(1) then reopened u/s 147 of the Act wherein the issue for which 263 done was not there in the re-assessment proceedings. The Hon’ble Bombay High Court…

BARIK BISWAS,BASIRHAT vs. ACIT, KOLKATA

In the result, the appeals of the assessee in ITA No

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm

…ts in the bank account, whereas the issue in 263 was purchases made in violation of section 40A(3) of the Act. The ld. AR prayed that the same is bad in law by relying on the decision of Hon'ble Apex Court in the case of CIT vs. Alagendran Finance Ltd ( 2007) 293 ITR 1 (SC). The ld. AR further submitted that the said decision of the Apex Court has been followed in the case of Lark Chemicals Ltd. (2014) 368 ITR 655 (Bom), wherein the original assessment was u/s 143(1) then reopened u/s 147 of the Act wherein the issue for which 263 done was not there in the re-assessment proceedings. The Hon’ble Bombay High Court…

BARIK BISWAS,BASIRHAT vs. ACIT, KOLKATA

In the result, the appeals of the assessee in ITA No

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm

…ts in the bank account, whereas the issue in 263 was purchases made in violation of section 40A(3) of the Act. The ld. AR prayed that the same is bad in law by relying on the decision of Hon'ble Apex Court in the case of CIT vs. Alagendran Finance Ltd ( 2007) 293 ITR 1 (SC). The ld. AR further submitted that the said decision of the Apex Court has been followed in the case of Lark Chemicals Ltd. (2014) 368 ITR 655 (Bom), wherein the original assessment was u/s 143(1) then reopened u/s 147 of the Act wherein the issue for which 263 done was not there in the re-assessment proceedings. The Hon’ble Bombay High Court…

BARIK BISWAS,BASIRHAT vs. ACIT, KOLKATA

In the result, the appeals of the assessee in ITA No

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm

…ts in the bank account, whereas the issue in 263 was purchases made in violation of section 40A(3) of the Act. The ld. AR prayed that the same is bad in law by relying on the decision of Hon'ble Apex Court in the case of CIT vs. Alagendran Finance Ltd ( 2007) 293 ITR 1 (SC). The ld. AR further submitted that the said decision of the Apex Court has been followed in the case of Lark Chemicals Ltd. (2014) 368 ITR 655 (Bom), wherein the original assessment was u/s 143(1) then reopened u/s 147 of the Act wherein the issue for which 263 done was not there in the re-assessment proceedings. The Hon’ble Bombay High Court…

BARIK BISWAS,BASIRHAT vs. ACIT, KOLKATA

In the result, the appeals of the assessee in ITA No

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm

…ts in the bank account, whereas the issue in 263 was purchases made in violation of section 40A(3) of the Act. The ld. AR prayed that the same is bad in law by relying on the decision of Hon'ble Apex Court in the case of CIT vs. Alagendran Finance Ltd ( 2007) 293 ITR 1 (SC). The ld. AR further submitted that the said decision of the Apex Court has been followed in the case of Lark Chemicals Ltd. (2014) 368 ITR 655 (Bom), wherein the original assessment was u/s 143(1) then reopened u/s 147 of the Act wherein the issue for which 263 done was not there in the re-assessment proceedings. The Hon’ble Bombay High Court…

BARIK BISWAS,KOLKATA vs. ACIT, KOLKATA

In the result, the appeals of the assessee in ITA No

Bench: Shri Rajesh Kumar, Am & Shri Pradip Kumar Choubey, Jm

…ts in the bank account, whereas the issue in 263 was purchases made in violation of section 40A(3) of the Act. The ld. AR prayed that the same is bad in law by relying on the decision of Hon'ble Apex Court in the case of CIT vs. Alagendran Finance Ltd ( 2007) 293 ITR 1 (SC). The ld. AR further submitted that the said decision of the Apex Court has been followed in the case of Lark Chemicals Ltd. (2014) 368 ITR 655 (Bom), wherein the original assessment was u/s 143(1) then reopened u/s 147 of the Act wherein the issue for which 263 done was not there in the re-assessment proceedings. The Hon’ble Bombay High Court…