Principal Commissioner of Income Tax 5 Kolkata v. Raghvendra Mohta

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Calcutta High Court (Income Tax, Original Side), ITAT/51/2025, decision dated 05.05.2025, Coram: Chief Justice T.S. Sivagnanam and Justice Chaitali Chatterjee (Das). Principal Commissioner of Income Tax 5 Kolkata (appellant/revenue; counsel Prithu Dudhoria) vs Raghvendra Mohta (respondent/assessee; counsel Abhratosh Majumder, Sr. Adv.). Appeal under s.260A against ITAT 'B' Bench Kolkata order dated 08.04.2024 in ITA/2416/Kol/2017 (AY 2014-15), which set aside the assessment order dated 29.12.2016 passed under s.143(3) by ACIT Circle-36, Kolkata for lack of inherent jurisdiction, following Bhagyalaxmi Conclave (P) Ltd. vs. DCIT (dt. 03.02.2021) and this Court's earlier judgment in ITAT/221/2022 etc. reported at 2022 (12) TMI 1514. Issues: s.120 / CBDT Instruction No. 1/2011 (F. No.187/12/2010-IT(A-1), dt. 31.01.2011) - no rigid jurisdiction, equitable distribution of work; PAN jurisdiction; validity of s.143(2) notice dated 10.09.2015 and s.142(1) notice dated 13.06.2016; deletions of additions of Rs. 42,27,500 (s.68) and Rs. 1,48,657 (s.69C); alleged bogus LTCG via accommodation entries in penny stocks of Ashika Credit Capital Ltd. Held: Tribunal was right; appeal dismissed; substantial questions answered against revenue; 117-day filing delay condoned. Keywords: inherent jurisdiction, quashing of assessment, technical grounds, CIT(A)-10 Kolkata order dt. 26.09.2017.