Allahabad High Court
Principal Commissioner Of Income Tax I ... vs Smt Renu Agarwal on 6 July, 2022
Bench: Surya Prakash Kesarwani, Jayant Banerji
HIGH COURT OF JUDICATURE AT ALLAHABAD ?Court No. - 3 Case :- INCOME TAX APPEAL No. - 44 of 2022 Appellant :- Principal Commissioner of Income Tax I Kanpur Respondent :- Smt Renu Agarwal Counsel for Appellant :- Krishna Agarawal Hon'ble Surya Prakash Kesarwani,J.
Hon'ble Jayant Banerji,J.
Heard Sri Krishna Agarawal, learned counsel for the appellant.
This appeal under Section 260 A of the Income Tax Act, 1961 has been filed challenging the order dated 17.01.2022, passed by the Income Tax Appellate Tribunal, Lucknow Bench "SMC" Lucknow in ITA No.205 of 2020 (A.Y. 2014-15).
The basic question involved in the present appeal is with regard to deletion of some amount which was added by the Assessing Officer on the allegation of penny stock.
The appeal of the respondent - assessee was allowed against the assessment order. The appeal filed by the assessee was allowed by the CIT (Appeal). Against the appellate order the Revenue had filed the aforesaid Income Tax Appeal which has been dismissed by the ITAT.
After detailed discussion, the ITAT has recorded the following findings of fact :
"The above findings recorded by ld. CIT(A) are quite exhaustive whereby he has discussed the basis on which the Assessing Officer had made the additions. While allowing relief to the assessee, the ld. CIT(A) has specifically held that there is no adverse comment in the forrn of general and specific statement by the Pr. Officer of stock exchange or by the company whose shares were involved in these transactions and he held that Assessing Officer only quoted facts pertaining to various completely unrelated persons whose statement were recorded and on the basis of unfounded presumptions. He further held that the name of the appellants were neither quoted by any of such persons nor any material relating to the assessee was found at any place where investigation was done by the investigation Wing. The ld. CIT(A) relying on various orders of Lucknow Benches and other Benches has allowed relief to the assessee by placing reliance on the evidences filed by the assessee before Assessing Officer. I do not find any adversity in the order of ld. CIT(A) specifically keeping in view the fact that Lucknow Benches in a number of cases after relying on the judgment of Hon'ble Delhi High Court in the case of Krishna Devi and others had allowed relief to various assessees."
The concurrent findings of fact has been recorded by the first appellate authority and the ITAT. Thus, no substantial question of law is involved in the present appeal. The matter is concluded by findings of fact.
For the reasons aforestated, we do not find any good reason to entertain this appeal. Consequently, it is dismissed.
Order Date :- 6.7.2022/vkg