ARADHANA GREENFIELD DEVELOPERS PRIVATE LIMITED ,KOLKATA vs. ITO, WARD - 1(4), KOLKATA , KOLKATA

This appeal by the assessee against the order dated 23.03.2017 passed by CIT(A)-9, Kolkata for AY 2012-13.

Heard both parties and perused the material available on record. It is noted from the record in order to verify the genuineness of share capital and share premium, the AO issued notices to Directors of the assessee company as well as Directors of subscribing companies. According to the AO in spite of all such notices, neither the Directors of the assessee company nor the Directors of the share Investing Companies are appeared before him to prove the genuineness of the transactions. The contention of Ld. AR is that the AO issued notices at the fag end (ASSESSMENT YEAR-2012-13) of assessment proceedings and placed on record notices dated 30.01.2015 issued by the AO to M/s Subham Buildwell Pvt.Ltd.; M/s. Narantak Dealcomm Ltd.; Infinity BNKe Infocity Pvt.Ltd. and the assessee company and argued that there was no opportunity for the assessee as well as the investing company to prove identity, genuineness of transactions and creditworthiness. Taking into consideration the submissions of Ld. AR and in the facts and circumstances of the case and in the interests of justice, we deem it proper to remand the matter to the file of AO for his fresh consideration. Thus, Grounds raised