CRESCENT EXPORTS LTD.,KOLKATA vs. ITO, WARD 7(4), KOLKATA, KOLKATA

Heard both parties and perused the material available on record. It is observed from the assessment record that the assessee added an amount of Rs.2,18,34,995/- u/s 68 of the Act. But, however, it is seen the discussion of the AO at page Nos. 5 & 6 of his order that the assessee could not furnish any documents to substantiate that the fresh unsecured loans was received from genuine sources. For not substantiating through documentary evidences, the AO resorted to add the said amount u/s 68 of the Act. From the order of CIT(A), it is observed by placing reliance in the case of Rajmandir Estates Pvt.Ltd. Vs PCIT of Hon’ble High Court of Kolkata confirmed the addition made by the AO without making any discussion or whatsoever involving the addition made by the AO. Therefore, taking into consideration the said (ASSESSMENT YEAR-2012-13) facts and the submissions of Ld.DR & Ld.AR and in the interest of justice, we deem it proper to remand the matter to the file of CIT(A) for his fresh consideration and to pass speaking order. The assessee is liberty to file evidences, if any, in support of its contention. Thus, grounds raised

4. In the result, the appeal of the assessee is allowed for statistical purposes. Order pronounced in the open court on 16.01.2019.