Ita/2/2012 Commissioner Of Income Tax, Kolkata-Ii, Kolkata v. A Tosh & Sons [India] Ltd

`OD–2 IN THE HIGH COURT AT CALCUTTASPECIAL JURISDICTION (INCOME TAX)ORIGINAL SIDE ITA/2/2012COMMISSIONER OF INCOME TAX, KOLKATA-II, KOLKATAVS.A TOSH & SONS LTD. BEFORE : THE HON’BLE JUSTICE T.S. SIVAGNANAMAndTHE HON’BLE JUSTICE HIRANMAY BHATTACHARYYADate : 3[rd] March, 2023 Appearance :Mr. Soumen Bhattacharyya, Adv.…for appellant The Court : - This appeal filed by the revenue under Section 260A of the IncomeTax Act, 1961 (the Act) is directed against the order dated May 27, 2011 passed by theLearned Income Tax Appellate Tribunal “B” Bench, Kolkata in I.T.A. No. 290/Kol/2011for the Assessment Year 2006-07. It has been pointed out by the learned advocate representing the revenue thatthe tax effect involved is Rs.77,81,604/- which is far less than threshold limit fixed bythe C.B.D.T. This appeal was admitted by an order dated November 17, 2011 on the followingsubstantial question of law : (i)Whether on the facts and in the circumstances of the case the Ld.Tribunal has erred in law in confirming the order of the CIT (Appeals)deleting the addition of Rs.19,92,444/- on account of trading profitdisregarding that the assessing officer has worked out the said additionthe technical way and is based on concrete basis and reasons ?Tribunal has erred in law in confirming the order of the CIT (Appeals)deleting the addition of Rs.19,92,444/- on account of trading profitdisregarding that the assessing officer has worked out the said additionthe technical way and is based on concrete basis and reasons ?(ii)Whether on the facts and in the circumstances of the case the Ld.Tribunal has erred in law in confirming the order of the CIT (Appeals)Tribunal has erred in law in confirming the order of the CIT (Appeals) deleting the addition of Rs.11,58,840/- in respect of interest accruing onthe credit lying in the account of Foreign Customers by credit lying in theaccount of Foreign Customers by disregarding the main aspects on thebasis of which the assessing officer has added the same such asidentification of buyer, repayment of debts and enjoyment of the benefitsby utilising the amount credited ? In view of the fact that the tax effect is below the threshold limit, the revenuecannot pursue this appeal any further. In view thereof, the appeal stands dismissed onthe ground of low tax effect and the substantial questions of law are, however, left open. (T.S. SIVAGNANAM, J.) (HIRANMAY BHATTACHARYYA, J.)