Itat/59/2020 Of Principal Commissioner Of Income Tax -17,Kolkata v. Subrata Banerjee

ITAT/59/2020IA No.GA/2/2020IN THE HIGH COURT AT CALCUTTASpecial Jurisdiction (Income Tax)ORIGINAL SIDE PRINCIPAL COMMISSIONER OF INCOMETAX-17, KOLKATA -Versus-SUBRATA BANERJEE Appearance:Ms. Sucharita Biswas, Adv.Mr. Ashok Bhowmik, Adv....for the appellant. Mr. Avra Mazumder, Adv.Sk. Md. Bilwal Hossain, Adv....for the respondent. BEFORE: The Hon’ble JUSTICE T.S. SIVAGNANAM -And- The Hon’ble JUSTICE HIRANMAY BHATTACHARYYA The Court : This appeal of the revenue filed underSection 260A of the Income Tax Act (the ‘Act’ in brevity) isdirected against the order dated 31[st] December, 2018 passed by theIncome Tax Appellate Tribunal, A-Bench, Kolkata (the ‘Tribunal’)in ITA No.2275/Kol/2018 for the assessment year 2014-15. The revenue has raised the following substantial questions of law for consideration: “i)Whether on the prevailing facts and statutoryprovisions pertaining to the instant case the Tribunal wasjustified to delete the addition of Rs.3,26,63,032/- andRs.6,53,260.64 by setting aside the order of the Commissionerof Income Tax(Appeals)? ii)Whether explanation given by the assessee in respect of bogus shares transactions was satisfactory interms of the provisions under section 68 of the said Act? iii) Whether the assessee is entitled to get benefit under Section 10(38) of the said Act?” We have heard Ms. Sucharita Biswas, learned standingcounsel for the appellant revenue and Mr. Avra Mazumder, learnedcounsel for the respondent assessee. The learned counsel for the respondent assessee submittedthat the assessee has availed the benefit of Vivad Se BiswasScheme and Form No.3 has been issued to the assessee on 28[th]January, 2021.In the light of the above, the appeal stands disposed ofon the ground that the respondent assessee has availed the benefitof Vivad Se Biswas Scheme. Consequently, the substantialquestions of law are left open. The connected application also stands disposed of. (T.S. SIVAGNANAM, J.) (HIRANMAY BHATTACHARYYA, J.) S.Das/mg