ESCEE TRADERS PVT. LTD. (FORMERLY KNOWN AS SATKRITI PROPERTIES PVT. LTD.),KOLKATA vs. I.T.O., WARD - 5(1), , KOLKATA

In the result, the appeal of assessee is allowed

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarmai.T.A. No.1752/Kol/2024 Assessment Year: 2012-13 Escee Traders Pvt. Ltd (Formerly Known As Satkriti Properties Pvt. Ltd.) ….....Appellant 12Th Floor, Unit 12B, Unimark Asian, 52/1, Shakespeare Sarani, Kolkata – 700017. [Pan: Aancs7043M] Vs. Ito, Ward-5(1), Kolkata……….……….…............................…..…..... Respondent Appearances By: Shri R. C. Jhawer, Fca, Appeared On Behalf Of The Appellant. Smt. Rama Choudhary, Jcit- Sr. Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : January 14, 2025 Date Of Pronouncing The Order : January 28, 2025 आदेश / Order Per Sonjoy Sarma: The Present Appeal Has Been Preferred By The Assessee Pertaining To Assessment Year 2012-13 Against The Order Dated 21.06.2024 Of The National Faceless Appeal Centre [Hereinafter Referred To As ‘Cit(A)’] Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’) Which In Turn Arises Out Of A Penalty Order Passed By The Assessing Officer U/S 271(1)(C) Of The Act Dated 26.03.2022. 2. Brief Facts Of The Case Are That The Assessee Filed Its Return Of Income Declaring Total Income Of Rs.19,81,896/-. The Case Of The Assessee Was Reopened U/S 147 Of The Act Based On Information Received Regarding Bogus Ltcg On Sale Of Shares Of Banas Finance Ltd. It Was Alleged That The Assessee Purchased 55,000 Shares For Rs.30,11,800/- & Sold Them For Rs.10,05,950/- Booking A Loss Of Rs.20,05,850/-. During The Assessment Proceedings, It Was Concluded

penalty order passed by the Assessing Officer u/s 271(1)(c) of the Act dated 26.03.2022. 2. Brief facts of the case are that the assessee filed its return of income declaring total income of Rs.19,81,896/-. The case of the assessee was reopened u/s 147 of the Act based on information received regarding bogus LTCG on sale