DCIT, CIRCLE 4(2), NEW DELHI vs. CERISE INTERNET TECHNOLOGIES PVT LTD, NEW DELHI
Income Tax Appellate Tribunal, “B” BENCH, DELHI
Before: MS. MADHUMITA ROY&
PER MADHUMITA ROY, JM:
The instant appeal filed by the Revenue is directed against the order passed by the Ld. NFAC, Delhi dated 17.05.2024 arising out of the Assessment Order dated 04.12.2019 passed by the ACIT, Circle 5(2),
Delhi under Section 144 of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’) for Assessment Year 2017-18. P a g e | 2
Cerise Internet Technologies Pvt. Ltd. (AY: 2017-18)
None appeared at the time of call, neither any adjournment has been sough for. It was noticed that in previous occasions whenever the matter was taken up the assessee was never represented in spite of notices having been served upon the assessee. However, it appears that the order passed by the Ld. AO is admittedly an exparte one. The Ld. CIT(A) considered the entire evidences on record and also the additional evidences furnished by the assessee. However, no remand report was called for and on the basis of the additional evidences furnished by the assessee, the addition made by the Ld. AO was deleted.
The details of documents in the nature of resolution passed by the assessee to allot shares to Angel Investor, M/s Time Internet Ltd., the valuation of shares made by the Chartered Accountant dated 16.08.2016, the agreement of the investment drawn up between the assessee and M/s Time Internet Ltd. dated 23.08.2016, the bank statement in support of such receipt of capital, copy of share certificate issued to the investor, the return of allotment of shares in Form No. PAS- 3 submitted before the