M/S SAFELINE BUILDERS PVT LTD.,KOLKATA vs. I.T.O. WARD 14(4), KOLKATA, KOLKATA

ITA 2171/KOL/2019Status: DisposedITAT Kolkata19 August 2020AY 2012-132 pages

AI SummaryRemanded

What did the Tribunal hold?

The Tribunal noted that the CIT(A)'s order was passed ex parte and there was no clear indication of proper service of hearing notices. The assessee expressed willingness to produce the investors' directors. Therefore, the Tribunal directed the Assessing Officer to re-decide the issue of unexplained cash credit afresh, with the condition that the assessee must produce the investors/directors.

What were the facts?

The assessee's appeal concerns an ex parte order by the CIT(A) which affirmed the Assessing Officer's action of treating a share premium amount of ₹24,59,00,000/- as unexplained cash credit. The assessee had failed to produce the directors of the investor entities before the Assessing Officer.

What were the issues?

Whether the CIT(A)'s ex parte order was valid, and whether the assessee should be given an opportunity to produce evidence for the share premium amount.

Which sections of the Income-tax Act were involved?

Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, KOLKATA BENCH Virtual Court “A” KOLKATA

Before: Shri P.M.Jagtap, Vice- & Shri S.S.Godara

O R D E R

PER S.S.Godara, Judicial Member:

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