Swal Limited vs. Principal Commissioner of Income Tax

Parties Involved

Facts Summary

Swal Limited, the appellant, filed an appeal against the revision order dated 30.11.2023 passed by the Principal Commissioner of Income Tax, Kolkata, under section 263 of the Income-tax Act, 1961. The appeal was filed due to the delay in filing, which was condoned by the tribunal. The assessee contested the validity of the revision jurisdiction exercised by the Principal Commissioner of Income Tax. The assessee had invested in penny scrip of M/s. Sunstar Realty Development Ltd. and M/s. Stampede Capital Limited during the financial year 2017-18, and had received an unexplained amount of Rs. 10 lakh from M/s. Gokul Vintrade Pvt. Ltd. The assessee argued that the Principal Commissioner of Income Tax had already considered these issues and dropped the proposal to reopen the assessment, making the revision order unsustainable.…

Legal Issues

• 1. Validity of the revision jurisdiction exercised by the Principal Commissioner of Income Tax.

Judgment Outcome

Decided in favour of Assessee.

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