TMI Blog2022 (6) TMI 647X X X X Extracts X X X X X X X X Extracts X X X X ..... refore, in the interest of justice and fair play, we deem it fit to restore the appeal to the file of the CIT(A). The ld. CIT(A) is directed to decide the appeal afresh after affording reasonable and sufficient opportunity of being heard to the assessee. Appeal of the assessee is allowed for statistical purposes. - ITA No. 116/DEL/2021 - - - Dated:- 13-6-2022 - Shri N.K. Billaiya, Accountant Member, And Shri Yogesh Kumar U.S, Judicial Member For the Assessee : Shri Amrin Pathan, CA For the Department : Ms. Anupama Singla, Sr. DR ORDER PER N.K. BILLAIYA, ACCOUNTANT MEMBER:- This appeal by the assessee is preferred against the order of the ld. CIT(A) - 2, Gurgaon dated 18.02.2020 pertaining to Assessme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... That the CIT(A) erred in upholding the addition in respect receipt of share capital of Rs. 6,60,000/- and share premium of Rs. 3,29.34,000/- from existing nonresident shareholder without appreciating that AO has not made any independent enquiry to ascertain the creditworthiness of existing shareholder before making addition u/s 68 of the Act. He has also failed to appreciate the proviso of Section 68 in respect of non-resident investor. 7. That the CIT(A) erred in upholding the addition in respect receipt of share capital of Rs. 6,60,000/- and share premium of Rs. 3,29.34,000/- from existing nonresident shareholder without appreciating that no doubt was raised the earlier receipt of share capital from same shareholder in 2012 and acce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lish the genuineness and credit worthiness of the investor and proceeded by making an addition of Rs. 3,35,94,800/- 7. The assessee carried the matter before the ld. CIT(A) but for some reason, could not attend the proceedings before the appellate authority. 8. Referring to the decision of the Hon'ble Supreme Court in the case of B.N. Bhattachargee and Others 118 ITR 461, the ld. CIT(A) observed that the assessee is not interested in pursuing its appeal and went on to confirm the addition made by the Assessing Officer. 9. Before us, the ld. counsel for the assessee vehemently stated that the assessee has furnished all necessary evidences in support of genuineness of transaction. It is the say of the ld. counsel for the as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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