Calcutta High Court
Tax vs M/S. Aryan Mining & Trading on 8 December, 2021
Author: T.S. Sivagnanam
Bench: T.S. Sivagnanam, Hiranmay Bhattacharyya
OD-19
ITAT/121/2021
IN THE HIGH COURT AT CALCUTTA
Special Jurisdiction (Income Tax)
ORIGINAL SIDE
PRINCIPAL COMMISSIONER OF INCOME
TAX, CENTRAL-1, KOLKATA
-Versus-
M/S. ARYAN MINING & TRADING
CORPORATION LIMITED
Appearance:
Mr. Smarajit Roychowdhury, Adv.
Mr. Madhu Jana, Adv.
...for the appellant.
Mr. J. P. Khaitan, Sr. Adv.
Mr. Siddhartha Das, Adv.
Ms. Swapna Das, Adv.
...for the respondent.
BEFORE:
The Hon'ble JUSTICE T.S. SIVAGNANAM
-And-
The Hon'ble JUSTICE HIRANMAY BHATTACHARYYA Date : 8th December, 2021.
The Court : We have heard Mr. Smarajit Roychowdhury, learned counsel assisted by Mr. Madhu Jana, learned advocate appearing for the appellant/revenue.
The appeal is admitted and will be heard on the following substantial questions of law:
(i) Whether on the facts and circumstances of the case, the Learned Income Tax Appellate Tribunal, "B" Bench, Kolkata erred in holding that penalty cannot be levied under section 271AAB of the Income Tax Act, 1961 during 2 the course of search when section 271AAB expressly provides for levying of such penalty?
(ii) Whether on the facts and circumstances of the case, the Learned Income Tax Appellate Tribunal erred in distinguishing the case of PCIT vs. Sandeep Chandak from the facts of present case where the assessee has admitted income and also has specified the manner of earning of such income being capital employed + profit on sales and commodity Trading?"
Mr. J. P. Khaian, learned senior counsel for the respondent has accepted notice for the respondent/assessee. Since the respondent is represented by their learned counsel service of notice of appeal on the respondent is waived.
The appellant shall file requisite number of informal paper books prepared out of Court within 8 (eight) weeks from date after serving copies on the counsel for the respondents.
Settlement of index and all other formalities are dispensed with.
List the appeal (ITAT/121/2021) after 10 (ten) weeks.
(T.S. SIVAGNANAM, J.) (HIRANMAY BHATTACHARYYA, J.) A/s./S.Chandra