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Income Tax Appellate Tribunal, “A” BENCH: KOLKATA
Before: Shri Rajesh Kumar & Shri Sonjoy Sarma]
By virtue of application dated 6.01.2024 preferred by the revenue it was correctly pointed out that an inadvertent typographical error has occurred in AY 2012-13 in Para no.
The sentence reads as “The only issue raised by the assessee is against the order of Ld. CIT(A) upholding the order of AO where the AO has made addition of Rs. 5,10,00,000/- on account of unexplained cash credit u/s 68 of the Act” however the correct sentence would be “The only issue raised by the revenue is against the order of Ld. CIT(A) reversing the order of AO where the AO has made addition of Rs. 5,10,00,000/- on account of unexplained cash credit u/s 68 of the Act.” It was also pointed out that the last sentence in para 7 was also wrong added and reads as “The Ld. CIT(A) dismissed the appeal of the assessee without doing any further verification or given its finding on the issue” which is to be deleted. Hence this corrigendum is issued to modify the order accordingly. The impugned order is hereby corrected and para no. 3 and Para 7 shall be read as “3. The only issue raised by the revenue is against the order of Ld. CIT(A) reversing the order of AO where the AO has made addition of Rs. 5,10,00,000/- on account of unexplained cash credit u/s 68 of the Act”.
The Ld. A.R vehemently submitted before us that in the remand proceedings, the AO has not carried out any further verification however reiterated
Assessment Year: 2012-13 Manav Trexim Pvt. Ltd. his opinion that the premium paid by share subscriber were not justified and stated that with the share capital may be treated as expenditure whereas the share premium may be treated as unexplained cash credit u/s 68 of the Act.”
Hence this corrigendum is issued to modify the order accordingly.
In the result, the appeal of the revenue is allowed.
Order is pronounced in the open court on 20th February, 2024