Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (4) TMI 556 - AT - Income TaxReopening of assessment - addition on account of share premium - CIT-A deleted addition observing that the share capital and share premium was received by the assessee in the preceding year and not during the year under consideration - HELD THAT:- Additional evidence filed before the ld. CIT(A) was sent by him to the Assessing Officer for his comments and the Assessing Officer in his remand report stated that in compliance to the letter U/s 133(6) the assessee has furnished written reply on 12/6/2014 and in the reply, the assessee has accepted that the share premium was received during the A.Y. 2009-10 and no details has been furnished during the assessment proceedings. The findings recorded by the CIT(A) is contrary to the observation of the Assessing Officer in his remand report. Therefore, in all the fairness, we restore the matter back to the file of the AO for deciding the issue afresh after considering the audited balance sheet of the assessee for the year under consideration as well as the balance sheet for the preceding year. If the Assessing Officer found that the amount on account of share capital and share premium was received and credited in the preceding year, no addition is warranted during the year under consideration. Accordingly, the Assessing Officer is to decide the issue afresh in terms of our above direction. - Decided in favour of revenue for statistical purposes.
|