Loading judgment…
No AI summary yet for this case.
Income Tax Appellate Tribunal, “D”, BENCH KOLKATA
Before: SHRI S.S.GODARA, JM &DR. A.L.SAINI, AM
आदेश / O R D E R Per Dr. A. L. Saini: The captioned appeal filed by the Revenue, pertaining to assessment year 2012-13 is directed against the order passed by the Commissioner of Income Tax (Appeal)-23, Kolkata, which in turn arises out of an assessment order passed by the Assessing Officer u/s 143(3) of the Income Tax Act, 1961 (in short the Act) dated 28.03.2015.
The grounds of appeal raised by the revenue are as follows:
2. That the ld. CIT(A) has erred in law in not considering the facts of the case while deleting the addition of Rs. 8,05,00,000/-, made by the Assessing Officer u/s 68 of the Act.
3. That on the facts and in the circumstances of the case, ld. CIT(A) has erred in violating Rule u/s 46A(3) without remitting the issue before the A.O. for the purpose of examination of creditworthiness of the share applicants.
M/s Asthmangal properties Ltd. Assessment Year:2012-13 3. The share subscribers (allottees) were summoned u/s 131 of the Act by A.O. , but notices sent to them returned back. Therefore Assessing Officer could not verify the identity, genuineness and creditworthiness of share subscribing companies. (vide page 2 of Assessing Officer’s order). Hence we are of the view that ld. Assessing Officer did not reach on logical conclusion to verify the identity, creditworthiness and genuineness of the share subscribing companies. Therefore we are of the view that this matter should be remitted back to the file of the Assessing Officer and hence we set aside the order of ld. CIT(A) and remit the matter back to the file of Assessing Officer for de novo adjudication.
In the result, the appeal of the revenue is treated to be allowed for statistical purposes.
Order pronounced in the Court on 10.05.2019