Ia No. Ga/1/2018(Old No.ga/947/2018 v. Commissioner Of Income Tax Iii,Kolkata

OD-29 ITAT/139/2018 IA No. GA/1/2018(Old No.GA/947/2018) IN THE HIGH COURT AT CALCUTTASpecial Jurisdiction (Income Tax)ORIGINAL SIDE -Versus- COMMISSIONER OF INCOME TAX III,KOLKATA Appearance:Mr. Asim Chowdhury, Adv.Mr. Soham Sen, Adv....for the appellant.Ms. Smita Das De, Adv....for the respondent. BEFORE: The Hon’ble JUSTICE T.S. SIVAGNANAM -And- The Hon’ble JUSTICE HIRANMAY BHATTACHARYYA Date : 6[th] April, 2022. The Court : This appeal has been filed by the assessee under Section 260A of the Income Tax Act, 1961 (the ‘Act’ inbrevity) challenging the order dated 12[th] January, 2018 passedby the Income Tax Appellate Tribunal, “C” Bench, Kolkata (inshort the Tribunal) in ITA No.153/Kol/2016 and ITANo.110/Kol/2016 for the assessment year 2011-12. The assessee has raised the following substantial questions of law for consideration: i)Whether any transfer pricing adjustment can bemade with respect to an interest-free loanadvanced out of own funds to the Associated Enterprise which was in the nature of quasi equitywith the principle objective of protecting theinterest of the company and its investment andthat it was subsequently converted into equity ?ii)Whether the order of the Tribunal is arbitrary,illegal and perverse and is liable to be quashedand/or set aside ? The learned standing counsel appearing for the appellant submitted that the appellant/assessee availed thebenefit of Vivad-se-Viswas Scheme and form No.5 has been issuedand produced a copy of the screenshot from the official websiteof the income tax department. In light of the same, the appeal stands disposed of onthe ground that the appellant has availed the benefit of Vivad-se-Viswas Scheme. In the result, the substantial questions oflaw are left open.Consequently, the connected application being IANo.GA/1/2018 also stands disposed of. (HIRANMAY BHATTACHARYYA, J.) S.Das/As.