TMI Blog2022 (2) TMI 440X X X X Extracts X X X X X X X X Extracts X X X X ..... ting the substantial question of law no.(a), which was left open, all other questions of law are decided against the assessee. Substantial question no.(a) is left open - Whether the Learned Tribunal was justified in holding that the first proviso to Section 68 which has been inserted by the Finance Act, 2012 w.e.f.1.4.2013 applies to the Assessment Year:2009-10? - IA No. GA 1 of 2017 (Old No. GA 3504 of 2017) in ITAT 339 of 2017 IA No. GA 2 of 2017 (Old No. GA 3507 of 2017) in ITAT 339 of 2017 - - - Dated:- 4-2-2022 - THE HON'BLE JUSTICE T.S. SIVAGNANAM And THE HON'BLE JUSTICE HIRANMAY BHATTACHARYYA Mr.Subash Agarwal, Adv.Mr. Pranit Bag, Adv. ...for the appellant Mr. P.K. Bhaumick, Adv.Mr. Manabendra Bandopadhyay, A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n holding that the alleged lack of proper enquiries as to the issue of share capital/premium in the course of proceedings under Section 147 is to be considered as erroneous and prejudicial to the interest of revenue even though the re-opening was done for the specific purpose of taxing the escapement of miscellaneous charges of ₹ 11,000/-? c) Whether on the facts and circumstances of the case, the Learned Tribunal is correct in not appreciating the fact that the reassessment order passed by the Assessing Officer is not erroneous as well as not prejudicial to the interest of the revenue on the issue of share capital/premium when no addition can be made under Section 68 of the Income Tax Act, 1961 in view of the judgments of the H ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fore this Court by a similarly placed assessee raising the very same substantial questions of law and the said appeal was dismissed by this Court in the case of Rajmandir Estates Private Limited -versus- Principal Commissioner of Income Tax reported in (2016) 386 ITR 162 (cal). It is further submitted that excepting the substantial question of law no.(a), which was left open, all other questions of law are decided against the assessee. Thus, following the above decision, the appeal filed by the assessee is dismissed answering the substantial questions of law nos.(b) to (f) against the assessee and the substantial question no.(a) is left open. The application being IA No. GA 2 of 2017 (Old No. GA 3507 of 2017) for stay also stands dism ..... X X X X Extracts X X X X X X X X Extracts X X X X
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