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2019 (2) TMI 801 - AT - Income TaxAddition u/s 68 - notice u/s 131 issued to directors of assessee, was also not answered - Held that:- It is observed that notice u/s 131 issued to directors of assessee, was also not answered. CIT (A) has also not himself verified any documents filed by assessee even though he has coterminous powers with that of AO. No enquiries has been made by CIT(A) regarding whether shares were issued to alleged share applicants as Master details of assessee reproduced in assessment order shows paid up shares to be 1 lakh. In our view CIT(A) failed to find out nature of transaction. Merely on basis of Ration Card, Share Application forms, Voter ID etc. CIT(A) deleted addition. We thus reverse the order of CIT(A) as same has been passed without proper verification of facts as per law. Under such circumstances we deem it fit and proper to set aside this issue back to Ld. AO for fresh adjudication to decide the issue in light of decision in case of CIT vs. NDR Promoters [2019 (1) TMI 1089 - DELHI HIGH COURT]. AO shall conduct fresh enquiries on basis of documents filed by assessee, and also shall take up any independent enquiries as it deem fit and proper as per law. Assessee shall file all requisite details as called for or any other details as needed to prove its claim. - Appeal by Revenue is allowed for statistical purposes.
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