SIMPLEX COMMERCIAL PVT. LTD.,KOLKATA vs. ITO, WD-6(1), KOLKATA, KOLKATA

After hearing both parties we find that assessee has raised paid-up share capital of ₹ 2.895 crores including premium and to verify the genuineness of said transactions, identity and creditworthiness of the shareholders, the Assessing Officer issued notice u/s 131 of the Income Tax Act, 1961, in short ‘the Act’ to the Directors of shareholding companies. On perusal of the assessment record, we find that none appeared in response to said notice. In view of same, taking into consideration the submissions of the Learned AR we deem it appropriate to remit the matter to the file Simplex Commercial Pvt. Ltd. vs. ITO Wd-6(1) Kol. Page 2 of Assessing Officer for his fresh adjudication. The assessee is at liberty to file all evidence in respect of issue as discussed in para-4 of the assessment order. Thus, ground No. 1 & 2 raised by assessee are allowed for statistical purpose.