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2012 (10) TMI 811 - ITAT, DELHIUnexplained cash credits - CIT(A) deleted the addition - Held that:- AO has given notices u/s. 133(6) to these parties, but the notices were received back, since persons were not found in the given address. Since CIT(A) has observed that AO has not brought on record any material to controvert the submissions of the assessee in this regard it is not the case that CIT(A) has himself has done enquiries and found that the assessee’s submissions are cogent. Thus, the proper enquiry of the submissions by the assessee has not been done. Shares of 10/- each were said to have been given at a premium of Rs.40/- each for which apparently there is no justification. The company’s balance sheet and other particulars have not been furnished before us from where it can be adduced that the companies shares can command so much of premium. CIT(A) has not touched upon this aspect, thus the matter needs to be remitted to the files of the AO, to enable the assessee to furnish cogent evidences to prove the justification of such huge share premium being received by the assessee company - in favour of revenue for statistical purposes.
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