Chattisgarh High Court
Assistant Commissioner Of Income Tax vs Sun And Sun Inframetric Pvt. Ltd on 12 January, 2023
1
HIGH COURT OF CHHATTISGARH, BILASPUR
Order Sheet
TAXC No. 5 of 2022
Assistant Commissioner of Income Tax Versus Sun and Sun Inframetric Pvt.
Ltd.
12/01/2023
Heard Ms. Naushina Afrin Ali, learned counsel, appearing for the appellant.
This appeal is admitted on the following substantial questions of law:
"1. Whether the Income Tax Appellate Tribunal (ITAT) was justified in nullifying the directions of the Principal Chief Commissioner, Income Tax (PCIT) in respect of transactions covered under Section 43CA of the Income Tax Act, 1961 (for short, the Act) by holding that the stamp duty value and actual consideration amount does not exceed 10%, ignoring the fact that the amendment of Section 43CA of the Act had increased safe harbour limit of 10% to be effective from 01.04.2021?
2. Whether the ITAT was justified in holding that 2 the inaction on the part of the Assessing Officer (AO) in not examining the genuineness of the cash credit under Section 68 of the Act and not making enquiry in terms of Section 68 of the Act, does not render the assessment order passed under Section 143(3) of the Act erroneous and prejudicial to the interest of the Revenue?
3. Whether the ITAT was justified in the interpretation given to Section 263 of the Act contrary to law and in holding that an order passed by the AO ignoring the relevant materials does not give jurisdiction to the PCIT for exercise of revisional jurisdiction under Section 263 of the Act?"
Issue notice, returnable in four months.
Steps by registered post with A/D.
Sd/- Sd/-
(Arup Kumar Goswami) (Arvind Singh Chandel)
Chief Justice Judge
Amit