LIFEWOOD AGENCIES (P) LTD.,KOLKATA vs. I.T.O.,WARD-1(2), KOLKATA

Case file suggests at the outset that the CIT(A)’s lower appellate order under challenge has affirmed the Assessing Officer’s action adding the assessee’s share capital/premium of Rs.2,77,25,000/- as unexplained cash credits u/s 68 of the Act since lacking genuineness/creditworthiness.

The Revenue’s case in tune with the CIT(A)’s lower appellate order is that the assessee neither appeared in lower appellate proceedings nor has it discharged his onus of proving identity, creditworthiness and genuineness of the investor parties.

We notice in this backdrop that although the CIT(A)’s order in para no.2 indicates that he had fixed the assessee’s appeal for hearing on 24.01.2018, 06.02.2019 & 21.02.2019, there is not even a whisper as to whether the same had been actually served hearing notice or not. Coupled with this, the CIT(A)’s order has not discussed the relevant issues as well followed by a detailed adjudication u/s 250(6) of the Act. We therefore deem it appropriate to restore the assessee’s instant sole substantive grievance back to the CIT(A) for fresh adjudication as per law.

This assessee’s appeal is accepted for statistical purposes.