ITO, WD-5(3), KOLKATA, KOLKATA vs. M/S EMERSEC HOLDING PVT. LTD., KOLKATA

This appeal filed by the Revenue against the order dated 30.04.2014 passed by CIT(A)-2, Kolkata for AY 2008-09.

The only issue is to be decided as to whether CIT(A) has justified in deleting the addition made by the AO u/s 68 of the Income Tax Act, 1961 (in short “Act”).

After hearing both the parties, it is noticed that the AO made addition u/s 68 of the Act. It is clear from para 4 of AO’s order that the assessee failed to prove its contentions as per section 68 of the Act. We find the submissions as rightly pointed out by Ld. DR the assessee could not put forward any explanation in respect of the share application money as noticed from the balance sheet of the assessee by the AO. It is also noticed from the impugned order as pointed out by Ld. DR that no documents or explanation filed before CIT(A) in the course of appellate proceedings supporting the contention of the assessee except placing reliance on case laws as it is clear from page No.16 & 17 of CIT(A). Ld.AR agreed for remand of the matter to the file of CIT(A) for his fresh consideration as the [Assessment Year: 2008-09] assessee is ready to file all the documents relating to the addition made by the AO u/s 68 of the Act. Therefore, taking into consideration, we deem it proper to remand the matter to the file of CIT(A) for fresh consideration and the assessee is liberty to file all evidences, if any, before the AO. Thus, the impugned order of CIT(A) is set aside and Ground No.1 raised by the Revenue is allowed for statistical purposes.

In the result, the appeal filed by the Revenue is allowed for statistical purposes.