ADHUNIK VENTURES PVT. LTD.,KOLKATA vs. ITO, WARD - 4(3), KOLKATA, KOLKATA

The assessee has raised as many as eight grounds, but however, the only one ground which emanates in confirming the addition made on account of share application received u/s 68 of the Act.

Heard both parties and perused the material available on record. It is noted from the assessment order that the AO added an amount of Rs. 2,87,40,000/- under the head of unexplained cash credit under section 68 of the act on account of share and premium amount. To verify the details of share subscribers, the AO issued notice under section 131 of the Act and there was no compliance to the said notice. Ld. AR submits that the assessee did not produce the concerned Director of shares subscriber companies before the AO as well as the CIT(A). Ld.AR prayed to remand the matter to the file of AO for his fresh verification in respect of details of shares subscribing companies. Ld.

(ASSESSMENT YEAR-2012-13) DR did not report objection. Taking into consideration the issue raised in this appeal and in the facts and circumstances of the case, we deem it proper to remand the matter to the file of AO for his fresh verification as indicated above. Thus, grounds raised by the assessee are allowed for statistical purposes.

In the result, the appeal of the assessee is allowed for statistical purposes.