Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (7) TMI 210 - AT - Income TaxAddition u/s 68 - paper identify of the share applicants - Held that:- If before the Ld. CIT (Appeals) the assessee has pointed out that the ITI was not sent on the correct address or there has been some change of address later on, then it was incumbent upon the Ld. CIT (Appeals) to himself got the enquiry done through the Assessing Officer or should have asked the Assessing Officer for the remand report to examine the veracity of the claim of the assessee made before the Ld. CIT (Appeals) or should have asked the assessee to produce creditors. None of such exercise has been done by Ld. CIT (A) Even the confirmations letters which have been given along with the other details have not been examined properly by the Ld. CIT (Appeals) or even as a matter of fact by the Assessing Officer, especially when during the year the assessee has only received the share application money and none of the share applicants were allotted shares in this year and it has also not been properly scrutinized as to how much money has been refunded back in the subsequent years and to whom shares have been allotted and when. All these facts needs to thoroughly scrutinized and examined by both the authorities. Revenue’s appeal is treated as allowed for statistical purposes.
|