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TMI Blog2024 (6) TMI 1233X X X X Extracts X X X X X X X X Extracts X X X X ..... Bench, Kolkata (Tribunal) in ITA No. 232/Kol/2021 for the assessment year 2009-10. 2. The revenue has raised the following substantial questions of law for consideration : a) Whether the Learned Tribunal has committed substantial error in law in deleting the addition of Rs. 11,07,50,000/- under Section 68 of the Income Tax Act, 1961, relying upon only on the paper submissions made by the assessee, without considering the point of law that when any credit in the particular book of account is a fresh credit and the assessee is required to establish the identity, creditworthiness of shareholders and the genuineness of transaction, which the assessee failed to do? b) Whether the Learned Tribunal has committed substantial error in law by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llant/revenue and Mr. J.P. Khaitan, learned senior advocate assisted by Mr. Pratyush Jhunjhunwala, learned counsel appearing for the respondent/assessee. 4. The revenue is aggrieved by the order passed by the learned Tribunal affirming the order passed by the Commissioner of Income Tax (Appeals) - 5, Kolkata [CIT(A)] dated 14th September, 2020 by which the addition made by the assessing officer stood deleted. The matter arises under Section 68 of the Act and the revenue is on appeal before us largely on the ground that the order passed by the Tribunal is not a speaking order and the factual position has not been discussed by the learned Tribunal. 5. Further, it is contended that the shareholders were not produced before the assessing offi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dated 30th September, 2011 was erroneous and prejudicial to the interest of the revenue for not making profit and sufficient enquiries into the share capital raised by the assessee during the relevant year. In the said order dated 10th March, 2014 the CIT(A) had set aside the assessment order and issued three specific directions. 7. These directions were scrupulously taken into consideration and we find from the order passed by the CIT(A), the entire factual aspect has been discussed which have been noted by the assessing officer while completing the assessment. Thus, we find that the matter to be entirely factual and no substantial questions of law arise for consideration. 8. In the result, the appeal fails and the same is dismissed. 9 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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