UTSAV COMMERCIAL PVT. LTD.,KOLKATA vs. INCOME TAX OFFICER-WARD-11(2), KOLKATA, KOLKATA

The only issue in this appeal of assessee is against the order of CIT(A) confirming the action of AO in making addition of Rs.9.88 lacs on account of unexplained share application u/s. 68 of the Act.

At the outset, Ld. Counsel for the assessee stated that neither the AO nor CIT(A) has gone into the creditworthiness, genuineness of transaction and identity of the parties despite the fact that all details were filed before the lower authorities. Ld. Counsel for the assessee referred to the findings of CIT(A) at page 3 of his order and also the findings of the AO and stated that despite specific information relating to the share applications were filed before both the authorities below but none of the authorities have deliberated on the same. In view of this, ld. Counsel for the assessee argued that the issue can be remitted back to the file of the AO for fresh examination and the evidence which are already available before the AO. On query from the bench, ld. Sr. DR did not controvert the statement of the Ld. Counsel for the assessee and concurred with the proposal of the Ld. Counsel that the issue can be remitted to the file of the AO for fresh adjudication. Accordingly, I set aside the orders of the lower authorities and remit the matter back to the file of the AO for fresh adjudication as per law. Appeal of assessee is allowed for statistical purposes.

In the result, the appeal of assessee is allowed for statistical purposes.

Order is pronounced in the open court. Sd/-(Mahavir Singh) Judicial Member Dated : 10th December, 2015 Jd. Sr. P.S