LANCER TELECOM INDIA (P) LTD.,NEW DELHI vs. ACIT, NEW DELHI

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ITA 5611/DEL/2016Status: DisposedITAT Delhi09 August 2021AY 2004-056 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal restored the issue to the file of the CIT(A) to grant one final opportunity to the assessee to substantiate its case. The CIT(A) was directed to decide the issue afresh after considering the requisite details provided by the assessee.

What were the facts?

The assessee company received share application money amounting to Rs. 30,03,390/-. The Assessing Officer (AO) made an addition of this amount under Section 68 as the assessee failed to substantiate the identity and creditworthiness of the share applicants and the genuineness of the transactions. The CIT(A) upheld the addition ex-parte due to the assessee's non-appearance.

What were the issues?

Whether the CIT(A) was justified in upholding the addition without considering the assessee's submissions and whether the assessee should be granted a final opportunity to present its case.

Which sections of the Income-tax Act were involved?

Section 68,Section 147,Section 148,Section 144,Section 151(2)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI BENCH, ‘D’: NEW DELHI

Before: SHRI R.K. PANDA & MS. SUCHITRA KAMBLE

Hearing: 09.08.2021Pronounced: 09.08.2021

to pass appropriate order as per law. We hold and direct accordingly. The grounds raised by the assessee are accordingly allowed for statistical purpose.

9.

In the result, the appeal filed by the assessee is allowed for statistical purpose.

The order was pronounced in the open court at the time of hearing itself i.e. on 09/08/2021.

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