LOCODEL SOLUTIONS PVT. LTD.,BIHAR vs. ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE-1 (1), BIHAR

This is an appeal preferred by the assessee against the order of the National Faceless Appeal Centre, Delhi (hereinafter referred to as the “Ld. CIT(A)”] dated 26/08/2024 for the AY 2015-16.

3. At the outset, we find that the assessment has been framed ex-parte by the ld. AO u/s 143(3) of the Act vide order dated 13.12.2017. When the assessee failed to appear on the given dates of hearing, the 4. In the appellate proceedings, the assessee filed the evidences before the first appellate authority under Rule 46A(1), which were remanded to the file of the ld. AO and a very cryptic remand report has been made by the ld. AO and the copy of which is placed at Paper Book pages 163 to 164. The ld. CIT (A) without commenting on any of these additional evidences, dismissed the appeal of the assessee on the legal as well as on merit.

5. Aggrieved assessee is in appeal before us. After hearing the rival contentions and perusing the materials available on record. We find that though the assessment was made u/s 143(3) of the Act vide order dated 13.12.2017, but as a matter of fact, the assessee did not file any evidences before the ld. AO and the assessment was framed as best judgement assessment based on the material available on record by making addition of ₹65,37,82,190/-. We further observe that even in the remand proceedings, the ld. AO has not gone into the issue of large share premium received by the assessee from non- resident Indian as well as Indian subscribers. We note that the share premium to the tune of ₹64,87,78,500/-, was received from non- resident, whereas the remaining amount of ₹59,39,133/- was stated to be received from resident subscribers. According to the assessee, the provisions of section 56(2)(viib) of the Act are not appliable to the share premium received from non-resident. In our opinion, the issues

Order pronounced in the open court on 27.11.2024.