Principal Comm of Income-tax-14, Kolkata v. Alliance Commercial Transport - 2019-LL-0716-43

Citation	2019-LL-0716-43
Appellant Name	Principal Comm of Income-tax-14, Kolkata
Respondent Name	Alliance Commercial Transport
Court	HIGH COURT OF CALCUTTA
Relevant Act	Income-tax
Date of Order	16/07/2019
Judgment	View Judgment
Keyword Tags	speculation loss • notional basis • book profit
Bot Summary:	The Court: This is an appeal under Section 260A of the Income Tax Act, 1961. Questions of law and facts are inextricably mixed up in this appeal. By consent of learned counsel for the parties, we have heard out the appeal today. By the impugned order of the tribunal dated 6th September, 2017 it has allowed the appeal of the assessee making findings on the issues involved, i.e. reduction of book profit on notional basis, whether there was speculation loss and if proved, the requirement of its adjustment against speculation profit only etc. Has not discussed any factual details on which such findings were arrived. In those circumstances, we think it appropriate to set aside the said order dated 6th September, 2017 and remand the entire matter back to the tribunal to re- consider it afresh, upon hearing the parties and by a reasoned order within six months of communication of this order. 2 The appeal and the stay application are disposed of by this order.

ORDER SHEET ITA 71 of 2019 GA 1417 of 2018 IN HIGH COURT AT CALCUTTA Special Jurisdiction (Income Tax) ORIGINAL SIDE PRINCINPAL COMM OF INCOME TAX 14, KOLKATA Versus ALLIANCE COMMERCIAL TRANSPORT BEFORE: Hon'ble JUSTICE I. P. MUKERJI Hon'ble JUSTICE MD. NIZAMUDDIN Date : 16th July, 2019. Appearance: S.N. Dutta, Adv. Mr. P. Bag, Adv. Mr. S. Agarwal, Adv. Court: This is appeal under Section 260A of Income Tax Act, 1961. Questions of law and facts are inextricably mixed up in this appeal. By consent of learned counsel for parties, we have heard out appeal today. By impugned order of tribunal dated 6th September, 2017 it has allowed appeal of assessee making findings on issues involved, i.e. reduction of book profit on notional basis, whether there was speculation loss and if proved, requirement of its adjustment against speculation profit only etc., but has not discussed any factual details on which such findings were arrived. discussion of case law in said judgment was misplaced. In those circumstances, we think it appropriate to set aside said order dated 6th September, 2017 and remand entire matter back to tribunal to re- consider it afresh, upon hearing parties and by reasoned order within six months of communication of this order. We order accordingly. 2 appeal (ITA 71 of 2019) and stay application (GA 1417 of 2018) are disposed of by this order. (I. P. MUKERJI, J.) (MD. NIZAMUDDIN, J.) cs. Principal Comm of Income-tax-14, Kolkata v. Alliance Commercial Transport

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