M/S. SCORPIO TIE UP PVT. LTD., ,KOLKATA vs. ITO, WARD - 7(3), KOLKATA , KOLKATA

- This assessee’s appeal for assessment year 2012-13 arises against the Commissioner of Income Tax (Appeals)-18, Kolkata’s order dated 22.02.2018 passed in case No.1598/2015- 16/CIT(A)-18/Wd-7(3)/F.Sl. No.2364/17-18/Kol ex parte upholding the Assessing Officer’s action adding its share application/premium of ₹1,26,00,000/- is as unexplained cash credits u/s. 68 followed by section 14A r.w. 8D Rule disallowance of ₹2,27,168/-, in proceedings u/s 143(3) of the Income Tax Act, 1961; in short ‘the Act’. Heard both the parties. Case file perused.

It emerges at the outset that the CIT(A)’s lower appellate order under challenge nowhere specifies points of his determination followed by detailed reasoning as envisaged u/s. 250(6) of the Act. There is further no observation in his lower appellate order as to whether assessee had been served notice of hearing or not.