TMI Blog2023 (5) TMI 419X X X X Extracts X X X X X X X X Extracts X X X X ..... PCIT erred in exercising its jurisdiction. Our view is supported by the decision in the case of PCIT Vs. ANINDITA STEELS LIMITED [ 2022 (2) TMI 397 - CALCUTTA HIGH COURT] Appellant relied upon the decision of MALABAR INDUSTRIAL CO. LTD. Vs. COMMISSIONER OF INCOME TAX, KERALA STATE [ 2000 (2) TMI 10 - SUPREME COURT] The said decision would support the case of the respondent assessee and would lead us to affirm such an order. Thus, in the light of the factual aspect brought out by the Tribunal while granting relief to the assessee, we find no substantial questions of law, much less substantial questions of law arising for consideration in this appeal. Appeal dismissed. - ITAT/261/2022 IA NO. GA/1/2022, GA/2/2022 - - - Dated:- 16-1- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... companies to the assessee company s bank account need no verification and enquiries and such finding is perverse ? c) Whether the Learned Tribunal has failed to consider that Prejudicial to the interests of the Revenue is of wide import and is not confined to only loss of taxes and if the Assessing has accepted the claim of the assessee without any enquiries, such assessment order passed by the assessing officer is erroneous ? We have heard Mr. Vipul Kundalia, learned standing counsel along with Mr. Soumen Bhattacharjee, learned counsel for the appellant and Mr. Avra Mazumder, learned counsel for the respondent. The short issue which falls for consideration in the instant case is whether the assumption of jurisdiction by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... son to believe that income that is assessable to tax has escaped assessment. In the absence of such finding, we are of the view that the Tribunal was right in coming to the conclusion that the PCIT erred in exercising its jurisdiction. Our view is supported by the decision in the case of PCIT Vs. ANINDITA STEELS LIMITED ; [2022] 137. taxmann.com 203 (CAL). The learned standing counsel for the appellant relied upon the decision of the Hon ble Supreme Court in MALABAR INDUSTRIAL CO. LTD. Vs. COMMISSIONER OF INCOME TAX, KERALA STATE, (2000) 2 Supreme Court Cases 718 and, in particular two paragraphs 10 and 11 of the said decision. In fact, the said decision would support the case of the respondent assessee and would lead us to affirm ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
