The HC while passing the order Tuesday held that the Tribunal committed a serious error in setting aside the orders of the CIT(A) who had affirmed the orders of the assessing officer and equally the Tribunal committed a serious error both on law and fact in interfering with the assumption of jurisdiction by the commissioner under Section 263 of the Act, the order said.
The court found that more than 90 appeals were allowed by the Tribunal in a single order and the facts of the 89 assessees were not noted by the Tribunal.
“…In the result, these appeals are allowed and the substantial questions of law framed/suggested are answered in favour of the revenue and against the assessee restoring the orders passed by the respective assessing orders,” added the order.
These appeals were filed by the IT department under section 260 (A) of the Act against the common order dated June 26 passed by the Income Tax appellate tribunal (single member bench), Kolkata in a batch of 90 appeals.
In the report prepared by IRS officer Dhruv Purari Singh, then with the Mumbai investigation wing unearthed various modus operandi adopted for the purpose of claiming bogus LTCG using penny stocks.
The…
