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TMI Blog2023 (5) TMI 1290X X X X Extracts X X X X X X X X Extracts X X X X ..... or appellant ORDER The Court : This appeal filed by the revenue under Section 260A of the Income Tax Act, 1961 (the Act) is directed against the order dated 22nd November, 2023 passed by the Income Tax Appellate Tribunal, Kolkata "B" Bench in ITA 144/Kol/2021 for the assessment year 2015-16. The revenue has raised following substantial questions of law for consideration :- A) Whether the Lear ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rned Tribunal noted that PCIT has exercised its revisional jurisdiction in respect of an order passed under Section 154 of the Act, even when the subject matter of revision did not at all arise out of the said rectification order passed by the assessing officer under Section 154 of the Act. The Tribunal perused the case records and found that the assessment was completed under Section 143(3) of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in accordance with the provisions of the Section 77 of the Companies Act. Thus, Tribunal noted that as per the said provision in force during the relevant assessment year, the buy-back pursuant to order of Company Law Board will appear under Section 402 of the Companies Act was not included. Therefore, the Tribunal on fact held that the PCIT was not justified in invoking the provisions of Section ..... X X X X Extracts X X X X X X X X Extracts X X X X
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