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LANUSUNGKUM JAMIR, KAUSHIK GOSWAMI
Commissioner of Income Tax, Office of the Principal Commissioner of Income Tax – Appellant
Versus
Goldstone Cements Limited – Respondent
JUDGMENT :
(Kaushik Goswami, J.)
Heard Mr. S.C. Keyal, learned Standing Counsel, CBDT, IT for the appellants as well as Dr. A. Saraf, learned Senior Counsel assisted by Mr. P.K. Bora, learned counsel for the respondent.
2. This appeal is preferred under the provision of Section 260A of the Income Tax Act, 1961 (hereinafter referred to as the ‘IT Act’) against the impugned order dated 10.12.2021 passed by the Income Tax Appellate Tribunal, Gauhati Bench in I.T.A. Nos. 126 to 131/GAU/2020 for the Assessment Year 2011-12 to 2015-16 & 2017-18.
3. The facts relevant for the purpose of this appeal are as follows:-
Upon a search and seizure as per Section 132 of the IT Act being conducted in the office premises of the respondent company as well as in the residence of family members and other business concerns etc., the Assessing Authority having doubted the sale transaction in respect of few companies, framed assessment under Section 153A/143 (3) of the IT Act and determined the assessed income of the respondent company for the annual year 2017-19. The Assessing Authority, doubted the genuineness of the transaction in respect of share capital received from M/s. Orchid Finlease Pvt. Ltd. amo
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