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TMI Blog2024 (5) TMI 1519X X X X Extracts X X X X X X X X Extracts X X X X ..... harma, Adv. For the Respondent : Mr. Abhratosh Majumder, Sr. Adv., Mr. Pratyush Jhunjhunwalla, Adv., Ms. Sretapa Sinha, Adv., Mr. Kausheyo Roy, Adv. ORDER The Court : This appeal by the revenue filed under Section 260A of the Income Tax Act, 1961 (the Act) is directed against the order dated 13th April, 2023 passed by the Income Tax Appellate Tribunal, "A" Bench, Kolkata in ITA No. 26/Kol/2019 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the investors to the respondent? iii) Whether the Learned Tribunal has substantially erred in law in ignoring that the respondent assessee has failed to discharge its onus of proving the identity, genuineness and creditworthiness of the subscribing companies as well as genuineness of the share transactions? We have heard Mr. Om Narayan Rai, learned standing Counsel for the appellant and Mr. Abh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d cash credit as per the provisions of Section 68 of the Act. Aggrieved by the same, the assessee preferred appeal before the Commissioner of Income Tax (Appeals)-17, [CIT(A)]. Before the Appellate authority the assessee did not appear and the Appellate authority by order dated 20th March, 2017 dismissed the appeal. The assessee carried the matter in appeal to the learned Tribunal. Learned Tribun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ound that all the share subscribers are active companies. Thus, after taking into consideration the factual position, the Tribunal came to the conclusion that the assessee has successfully discharged the primary onus cast upon them to explain the investment. Thus, we find that the Tribunal upon appreciation of the factual position has granted relief to the assessee and therefore, we hold that th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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