2022 (11) TMI 1129 - AT - Income Tax
Scope of limited scrutiny - Conversion of Partenrship into LLP - Securities premium reserve which stood transferred by the erstwhile company to the assessee-LLP upon conversion as a taxable profit - whether the said addition could have been made in a limited scrutiny, which has been selected by a notice u/s 143(2) for examination of investment in unlisted equities, low income and high loans/advances/investments and low income and high investments without converting the same into unlimited scrutiny - HELD THAT:- A.R relied on the decision wherein issue decided in favour of assessee - As in the subsequent decision in the case of ITO Vs. M/S Godhuli Dealcom LLP [2022 (6) TMI 1276 - ITAT KOLKATA] the coordinate bench has taken a view which is against the assessee but in that decision the earlier decision as cited above was neither noticed nor referred. Under the present facts we are guided by the decision of the coordinate bench in the case of M/S Royal Calcutta Turf Club Vs DCIT [2017 (11) TMI 1200 - ITAT KOLKATA] wherein it has been held that where there are two conflicting decisions, then in that scenario the earlier has to be followed as in the latter decision the earlier one was neither noticed nor referred. Even the ratio laid down by the Hon’ble Supreme Court in the case of Vegetable Products Ltd. [1973 (1) TMI 1 - SUPREME COURT] is applicable in this case. Decided in favour of assessee.