Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (4) TMI 719 - ITAT DELHIAddition u/s 68 - share capital issued by the assessee to the conduits of entry operators at a huge premium - CIT-A deleted the addition - Held that:- Only reason why Ld. CIT appeal has deleted the addition is that when basic details have been furnished by the assessee before the Ld. assessing officer, he did not make any further enquiry and therefore the addition made by the Ld. assessing officer is held to be invalid. We do not agree with it, the Ld AO has made attempt to examine the shareholders by issuing summons, as well as by deputing inspector to find make local inquiry and at last also summoned the directors of the company but none of them remained present. Even assessee who boosted of producing the directors in earlier assessment years, also did not produce them. Furthermore, all the persons who did not care to appear before the assessing officer throughout the assessment proceedings, spanning over a period of one and half year, suddenly appears before the Ld. CIT appeal on 15/06/2012 and she examines all of them with respect to the transactions and on the same date, she passes an order deleting the whole addition of Rs. one crore. We do not agree with such an approach of the ld CIT (A) and we are also surprised in the casual manner ld CIT (A) has dealt with the whole issue when the nature of transactions, shareholders creditworthiness and genuineness of the share issued are of dubious nature. Therefore we set aside the whole matter back to the file of the ld CIT (A) with a direction to reexamine the whole issues of the share capital issued by the assessee to the conduits of entry operators at a huge premium after examining the shareholders , their creditworthiness , genuineness of the transaction with respect to their relationship with K K Bansal. - Decided in favour of revenue by way of remand.
|