Principal Commissioner Of Income Tax, Central-2, Kolkata v. M/S. Concast Steel & Power Ltd. @ Sps Steels & Power Ltd

OD – 14 IN THE HIGH COURT AT CALCUTTASPECIAL JURISDICTION (INCOME TAX)ORIGINAL SIDE ITA/9/2017 PRINCIPAL COMMISSIONER OF INCOME TAX, CENTRAL-2, KOLKATAVsM/S. CONCAST STEEL & POWER LTD. @ SPS STEELS & POWER LTD. BEFORE : THE HON’BLE JUSTICE T.S. SIVAGNANAM AndTHE HON’BLE JUSTICE HIRANMAY BHATTACHARYYADated : NOVEMBER 10, 2022. Appearance:Mr. Prithu Dhudheria, Adv.…for appellantMr. J. P. Khaitan, Sr. Adv., …for respondent The Court :- This appeal filed by the revenue under section 206A of the IncomeTax Act, 1961 [the Act] challenging the order dated 30.06.2015 passed by the IncomeTax Appellate Tribunal “B” Bench Kolkata in ITA 1391 & 1414/Kol/2011 for theassessment order in 2008-09. The appeal was admitted on the following substantialquestion of law :- i)Whether on the facts and in the circumstances of the case, conclusionarrived at by the learned Tribunal that in respect of the amount ofRs.1,13,65,623/- there is no evidence proving that the entries recorded inthe documents found during course of search is over and above the incomeas already declared by the assessee at Rs.6.84 crores as undisclosedincome where the assessee has accepted the addition in assessment andhas not appealed against it, is perverse ?arrived at by the learned Tribunal that in respect of the amount ofRs.1,13,65,623/- there is no evidence proving that the entries recorded inthe documents found during course of search is over and above the incomeas already declared by the assessee at Rs.6.84 crores as undisclosedincome where the assessee has accepted the addition in assessment andhas not appealed against it, is perverse ? As submitted by the learned standing Counsel appearing for appellant and ascould be seen from the records placed before this Court the tax effect in the instant case is much less than the threshold limit fixed by the C.B.D.T. in its circular. Therefore, theappeal cannot be pursued by the revenue. Therefore, the appeal stands dismissed on thelow tax effect. The question which was admitted for consideration is left open. (T.S. SIVAGNANAM, J.) (HIRANMAY BHATTACHARYYA, J.) Pkd/GH