AHIHANT DREDGING DEVELOPERS PVT. LTD.,KOLKATA vs. ITO, WARD 4(3), KOLKATA, KOLKATA

After hearing both the parties, we find that the AO determined the income of assessee at Rs.4,68,18,700/- as against returned income of Rs.7,83,699/- by observing the share premium of Rs.4,60,35,000/- as unexplained cash credit u/s. 68 of the Act. The CIT-A by ex parte dismissed the grounds of appeal by confirming the order of the AO without affording sufficient opportunity to assessee, which is not justified. The ld.AR urged that there was no opportunity to prosecute the case of assessee before the CIT-A. Therefore, taking into consideration the facts and circumstances of the case, the submissions of the ld.AR and in the interest of justice, we deem it fit and proper to remand the issue to the file of the CIT-A for his fresh adjudication and to pass a fresh order as per law. The assessee is at liberty to file necessary details in respect of the contentions and claims of assessee before the CIT-A. Grounds raised by the assessee in the appeal are allowed for statistical purpose.

In the result, the appeal of the assessee is allowed for statistical purpose. Order pronounced in the open court on 13-04-2018