Spectra Shares and Scrips Pvt. Ltd. v. CIT (AP)

M/S Dhara Dealers Pvt Ltd., Kolkata vs. DCIT, Cir.-13(1), Kolkata

In the result, the appeal filed by the assessee is allowed

Bench: Sri J. Sudhakar Reddy & Sri Aby T. Varkey)

…made an enquiry and has taken a plausible view on the issues. 6.4. On these facts, the various Courts have laid down the following propositions of law:- 6.4.1. The Hon’ble Andhra Pradesh High Court in the case of Spectra Shares and Scrips Pvt. Ltd. V CIT (AP) 354 ITR 35 had considered a number of judgments on this issue of exercise of jurisdiction u/s 263 of the Act by the Principal Commissioner of Income Tax and culled the principles laid down in the judgments as below: “24. In Malabar Industrial Co.Ltd. (2 Supra), the Supreme Court held that a bare reading of Sec.263 makes it clear that the prerequisite for th…

Decent Enclave (P) Ltd. (Formerly Known As Drishti Auto Part Accesories (P) Ltd., Kolkata vs. Pr.CIT-4, Kolkata

Bench: Shri J. Sudhakar Reddy, Am & Shri A. T. Varkey, Jm]

…nnot be treated as an erroneous order prejudicial to the interest of the revenue "unless the view taken by the Assessing Officer is unsustainable in law." 11. The Hon’ble Andhra Pradesh High Court in the case of Spectra Shares and Scrips Pvt. Ltd. V CIT (AP) 354 ITR 35 had considered a number of judgments on this issue of exercise of jurisdiction u/s 263 of the Act by the Principal Commissioner of Income Tax and culled out various principles laid down in different judgments by the Courts as below : “24. In Malabar Industrial Co.Ltd. ( 2 Supra), the Supreme Court held that a bare reading of Sec.263 makes it clear…

M/S Kbr Township Pvt. Ltd., Kolkata vs. ITO-4(4), Kolkata

In the result, appeal of the assessee is allowed

Bench: Shri J. Sudhakar Reddy, Hon’Ble & Shri Aby T. Varkey, Hon’Ble] I.T.A. No. 396/Kol/2020 Assessment Year: 2010-11 M/S. Kbr Township Pvt. Ltd……………...................…..……………………………………………….…..Appellant Room No. 4 Martin Burn Building 1, R.N. Mukherjee Road Kolkata – 700 001 [Pan : Aabck 0777 A] Vs. Income Tax Officer, Ward-4(4), Kolkata.....................................................................………..Respondent

…Assessing Officer has taken a possible view. er has taken a possible view. 6. The Hone’ble Andhra Pradesh High Court in the case of The Hone’ble Andhra Pradesh High Court in the case of Spectra Shares and Scrips Spectra Shares and Scrips Pvt. Ltd. V CIT (AP) 354 ITR 35 Pvt. Ltd. V CIT (AP) 354 ITR 35 had considered a number of judgments on this issue of had considered a number of judgments on this issue of exercise of jurisdiction u/s 263 of the Act by the Princi exercise of jurisdiction u/s 263 of the Act by the Principal Commissioner of Income Tax pal Commissioner of Income Tax and culled out various principle…

Shringar Marketing Pvt. Ltd, Kolkata vs. PCIT-4, Kolkata

In the result, appeal of the assessee is allowed

…ry jurisdiction of the Commissioner of Income Tax u/s 263 of the Act. The Hone'ble Andhra Pradesh H Hone'ble Andhra Pradesh High Court in the case of Spectra Shares and Scrips Pvt. Ltd. V igh Court in the case of Spectra Shares and Scrips Pvt. Ltd. V CIT (AP) 354 ITR 35 had considered a number of judgments on this issue of exercise of CIT (AP) 354 ITR 35 had considered a number of judgments on this issue of exercise of CIT (AP) 354 ITR 35 had considered a number of judgments on this issue of exercise of jurisdiciton u/s 263 of the Act by the Principal Commissioner of Income Tax and culled out jurisdiciton u/s 263…

Ankit Gupta, Kolkata vs. Principal Commissioner of Income Tax, Kolkata

In the result, appeal of the assessee is allowed

…ra Pradesh High Court in the case of Spectra Shares and Scrips Pvt. Ltd. V Hone'ble Andhra Pradesh High Court in the case of Spectra Shares and Scrips Pvt. Ltd. V Hone'ble Andhra Pradesh High Court in the case of Spectra Shares and Scrips Pvt. Ltd. V CIT (AP) 354 ITR 35 had considered a number of judgments on this issue of exercise of CIT (AP) 354 ITR 35 had considered a number of judgments on this issue of exercise of CIT (AP) 354 ITR 35 had considered a number of judgments on this issue of exercise of jurisdiciton u/s 263 of the Act by the Principal jurisdiciton u/s 263 of the Act by the Principal Commissioner…

Hill Queen Investment Pvt. Ltd, Kolkata vs. PCIT-2, Kolkata

In the result, the appeal of the assessee is allowed

Bench: Sri J. Sudhakar Reddy, Hon’Ble & Sri Aby T. Varkey, Hon’Ble) Assessment Year: 2015-16 Hill Queen Investment (P) Ltd...……………………....................................……………..…….............Appellant Surobala Apartments Flat No. 202 3Rd Floor Block-B Rekhjuani, Bhatinda Rajarhat Kolkata – 700 135 [Pan : Aaacj 2324 P] Vs. Pr. Commissioner Of Income Tax -2, Kolkata..................…………...............................…......Respondent Appearances By: Shri S.M. Surana, Advocate, Appeared On Behalf Of The Assessee. Shri Devi Sharan Singh, Cit, D/R, Appearing On Behalf Of The Revenue. Date Of Concluding The Hearing : April 6Th, 2021 Date Of Pronouncing The Order : April 21St, 2021 Order Per J. Sudhakar Reddy, Am :- This Appeal Filed By The Assessee Is Directed Against The Order Of The Learned Principal Commissioner Of Income Tax (Appeals) - 2, (Hereinafter The “Ld. Cit(A)”), Passed U/S. 263 Of The Income Tax Act, 1961 (The ‘Act’), Dt. 20/03/2020, For The Assessment Year 2015-16. 2. There Is A Delay Of 223 (Two Hundred Twenty Three) Days In Filing Of This Appeal By The Assessee. After Perusing The Petition For Condonation For Delay, We Are Convinced That The Assessee Was Prevented By Sufficient Cause In Filing The Appeal In Time. Hence, We Condone The Delay & Admit The Appeal. 3. The Assessee Is A Company & Filed Its Return Of Income For The Assessment Year 2015-16, Disclosing Total Income Of Rs.20,40,470/- On 28/09/2015. The Case Was Selected For Limited Scrutiny For The Following Reasons:- “(I) Mismatch In Sales Turnover Reported In Audit Report & Itr (Ii) Mismatch In Amount Paid To Related Persons U/S 40A(2)(B) Reported In Audit Report & Itr (Iii) Suspicious Sale Transaction In Shares (Penny Stock Tab In Its)”

…one’ble Andhra Pradesh High Court in the case of Spectra Shares and the Act. The Hone’ble Andhra Pradesh High Court in the case of Spectra Shares and the Act. The Hone’ble Andhra Pradesh High Court in the case of Spectra Shares and Scrips Pvt. Ltd. V CIT (AP) 354 ITR 35 had considered a number of judgments on Scrips Pvt. Ltd. V CIT (AP) 354 ITR 35 had considered a number of judgments on Scrips Pvt. Ltd. V CIT (AP) 354 ITR 35 had considered a number of judgments on 7 Assessment Year: 2015-16 Hill Queen Investment (P) Ltd. this issue of exercise of jurisdiciton u/s 263 of the Act by the Principal this issue of exe…

Satish Kumar Lakhmani, Kolkata vs. Pr.CIT-10, Kolkata

In the result, the appeal of assessee is allowed

Bench: "ी जे. सुधाकर रे"ी, लेखा सद"य एवं/And "ी ऐ. टी. वक", "यायीक सद"य) [Before Shri J. Sudhakar Reddy, Am & Shri A. T. Varkey, Jm]

…discuss the propositions of law as laid down by various courts on the issue of revisionary jurisdiction of the Commissioner of Income Tax u/s 263 of the Act. The Hone’ble Andhra Pradesh High Court in the case of Spectra Shares and Scrips Pvt. Ltd. V CIT (AP) 354 ITR 35 had considered a number of judgments on this issue of exercise of jurisdiciton u/s 263 of the Act by the Principal Commissioner of Income Tax and culled out the principles laid down in the judgments as below: 24. In Malabar Industrial Co.Ltd. ( 2 Supra), the Supreme Court held that a bare reading of Sec.263 makes it clear that the prerequisite for…

Nextgen Vyapaar, Kolkata vs. Pr.CIT-2, Kolkata

In the result, appeal of the assessee is allowed

…as erroneous insofar as it is prejudicial to the interest of the revenue. 10. The Hone’ble Andhra Pradesh High Court in the case of The Hone’ble Andhra Pradesh High Court in the case of Spectra Shares and Scrips Spectra Shares and Scrips Pvt. Ltd. V CIT (AP) 354 ITR 35 Pvt. Ltd. V CIT (AP) 354 ITR 35 had considered a number of judgments on this issue of had considered a number of judgments on this issue of exercise of jurisdiction u/s 263 of the Act by the Principal Commissioner of Income Tax exercise of jurisdiction u/s 263 of the Act by the Principal Commissioner of Income Tax exercise of jurisdiction u/s 263…

M/S Metal Craft Industries Pvt. Ltd., Kolkata vs. I.T.O., Ward-12(3), Kolkata

In the result, appeal of the assessee is allowed

…h the impugned order of Ld. Pr. CIT dated 12.03.2019. IT dated 12.03.2019. 10. The Hone’ble Andhra Pradesh High Court in the case of The Hone’ble Andhra Pradesh High Court in the case of Spectra Shares and Scrips Spectra Shares and Scrips Pvt. Ltd. V CIT (AP) 354 ITR 35 Pvt. Ltd. V CIT (AP) 354 ITR 35 had considered a number of judgments on this issue of had considered a number of judgments on this issue of exercise of jurisdiction u/s 263 of the Act by the Principal Com exercise of jurisdiction u/s 263 of the Act by the Principal Commissioner of Income Tax missioner of Income Tax and culled out various principle…

Enkay Traffin (P) Ltd., Kolkata vs. Pr.CIT-4, Kolkata

In the result, appeal of the assessee is allowed

…ue. t of the revenue. 25 Assessment Year: 2012-13 Enkay Traffin (P) Ltd. 10. The Hone’ble Andhra Pradesh High Court in the case of The Hone’ble Andhra Pradesh High Court in the case of Spectra Shares and Scrips Spectra Shares and Scrips Pvt. Ltd. V CIT (AP) 354 ITR 35 Pvt. Ltd. V CIT (AP) 354 ITR 35 had considered a number of judgments on this issue of had considered a number of judgments on this issue of exercise of jurisdiction u/s 263 of the Act by the Principal Commissioner of Income Tax exercise of jurisdiction u/s 263 of the Act by the Principal Commissioner of Income Tax exercise of jurisdiction u/s 263…

Smt. Usha Devi Modi, Kolkata vs. I.T.O., Ward-10(4), Kolkata

In the result, the appeal of the assessee is allowed

Bench: Sri J. Sudhakar Reddy & Sri S. S.Godara)

…discuss the propositions of law as laid down by various courts on the issue of revisionary jurisdiction of the Commissioner of Income Tax u/s 263 of the Act. The Hone’ble Andhra Pradesh High Court in the case of Spectra Shares and Scrips Pvt. Ltd. V CIT (AP) 354 ITR 35 had considered a number of judgments on this issue of exercise of jurisdiciton u/s 263 of the Act by the Principal Commissioner of Income Tax and culled out the principles laid down in the judgments as below: 24. In Malabar Industrial Co.Ltd. ( 2 Supra), the Supreme Court held that a bare reading of Sec.263 makes it clear that the prerequisite fo…