2021 (12) TMI 824

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..... ember, 2016 passed by the Income Tax Appellate Tribunal, B-Bench, Kolkata (the 'Tribunal') in ITA No.920-923/Kol/2013 for the assessment Year 2007-08 to 2010-2011 and also ITA 467-468/Kol/2013 for the assessment year 2009-10 and 2010-11. The revenue has raised the following substantial questions of law for consideration: a) Whether in the facts and circumstances of the case the Tribunal was justified in law in cancelling the assessments framed under section 153C of the Act for the assessment years 2007-08 to 2009- 10 and its purported findings in this regard are arbitrary, unreasonable and perverse ? b) Whether on the facts and circumstances of the case the Tribunal was justified in law in holding that the assessee is eligible for the .....

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..... efully perused the finding recorded by the Tribunal and the materials which were made available before the Tribunal. The Tribunal after taking note of the factual position which was available both before the Assessing Officer and the Commissioner of Income Tax (Appeals) [CIT (A)] held that there is nothing to indicate that the seized documents were disclaimed by NKG in whose case search was conducted. Furthermore, the Tribunal pointed out that the Assessing Officer has not referred to any material to indicate that the assessee is the owner of those seized documents. Thus, on facts, the Tribunal held that the Assessing Officer was not justified in exercising jurisdiction under section 153C of the Act. Thus, we find that there is no question .....

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..... he said finding while dealing with ground no.(a) has extensively referred to the submission made by the assessee and has, in fact, extracted the entire contents of the grounds. The particulars furnished by the assessee would show that the investment of Rs. 16,67,334/- was made from the surplus generated during the financial year 2008-09 of Rs. 15,80,41,741/- and, therefore, the assessee's contention was that the investments were made out of loan funds would not arise. The assessee further contended that when their own funds have been deployed for the investment, there is no income which is not included while computing the total income of the assessee and Section 14A would not apply. The assessee also challenged the finding of the Assessing .....

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