The Court : This appeal by the revenue filed under Section 260A of the
Income Tax Act, 1961 (the Act) is directed against the Order dated May 01,
2024 passed by the Income Tax Appellate Tribunal, “SMC” Bench, Kolkata in
I.T.A No. 214/Kol/2024, for the assessment year 2014-15.
The revenue has raised the following substantial questions of law for
consideration :
a) Whether on the facts and in the circumstances of the case, the Learned
Income Tax Appellate Tribunal was justified in law and on facts in
quashing the assessment order u/s. 147/144B dated March 28, 2022
holding it as bad in law and void ab-initio wherein the Assessing Officer
had disallowed the loss of Rs. 39,24,838/- incurred from commodities
(MCX) and made addition Rs. 39,78,000/- u/s. 68 of the I.T. Act, 1961
on account of bogus profits from sale of derivatives/stock options
through coordinated, premeditated and synchoronized transactions
without going into the merits of the case ?