The High Court dismissed the revenue's special appeal under Section 260A, holding that no substantial question of law arose because the Tribunal correctly recorded findings that the full value of consideration was never received by the assessee.
The special appeal and the application for stay are dismissed.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
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IN THE HIGH COURT AT CALCUTTA SPECIAL JURISDICTION (INCOME TAX) ORIGINAL SIDE
ITAT/32/2012 IA NO: GA/1/2012 (OLD NO. GA/431/2012) COMMISSIONER OF INCOME TAX, KOLKATA-I, Vs
M/s. SHREEBHUMI SYNTHETIC INDIA LTD.
BEFORE :
THE HON’BLE JUSTICE T.S. SIVAGNANAM
And
THE HON’BLE JUSTICE HIRANMAY BHATTACHARYYA Date : 6th June, 2022.
Appearance: Mr. Tilak Mitra, Adv. … for the appellant.
The Court : This appeal has been filed under Section 260A of the Income Tax Act (the Act for brevity) is directed against the order dated 30th August, 2011 passed by the Income Tax Appellate Tribunal “C” Bench, Kolkata in I.T.A. No.55/Kol/2011 for the assessment year 2007-08.
The revenue has raised the following substantial question of law for consideration :-
We have heard Mr. Tilak Mitra, learned standing counsel for appellant/revenue. In order to ascertain as to whether any question of law,
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much less substantial question of law arises for consideration, we have carefully gone through the order passed by the COMMISSIONER OF INCOME TAX [APPEALS]-I, KOLKATA (CITA) dated 22.09.2010 by which the appeal filed by the assessee was allowed.
We have also perused the order passed by the Tribunal which is impugned before us. We find that the Tribunal has dismissed the revenue’s appeal after recording the factual finding as follows :
“Even if the figure of Rs.7,63,3,000/- determined by the AO is taken as representing the fair market value of the appellant’s assets, capital gains cannot be computed in the appellant’s hands with reference to the said figure of Rs.7,63,63,000/- which was never received by it as the same has been accounted by M/s. Shreebhumi Steel Private Ltd. in their computation of income for the year ending 31.3.2007 which was placed at page no. 42 of the paper book”.
The above factual position is not being disputed by the revenue in Memorandum of Appeal filed before us. Thus, we find there is no question of law much less substantial question of law arising for consideration in this appeal.
Accordingly, the appeal fails and is dismissed.
Consequently, the application for stay stands closed.
(T.S. SIVAGNANAM, J.)
(HIRANMAY BHATTACHARYYA, J.)
S.pal/GH
1 issue framed by the court
Whether any substantial question of law arises for consideration given that the Tribunal disregarded the valuation report as none of the consideration was received by the assessee.
1 provisions across 1 enactments
Commissioner of Income Tax, Kolkata-I
T.S. Sivagnanam
Hiranmay Bhattacharyya
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
