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2021 (6) TMI 173 - AT - Income TaxAddition u/s 68 on account of unexplained Share Premium - CIT-A deleted the addition - HELD THAT:- CIT(A) has passed a very short and laconic order which does not exhibit proper application of mind. Accordingly in the interest of justice we remit the issue to the file of learned CIT(A). The learned CIT(A) is directed to consider the issue afresh and pass a proper speaking order as per law after giving the assessee proper opportunity of being heard. The learned CIT(A) will also bear in mind our observation hereinabove. In remitting the matter to the file of the learned CIT(A), we also draw support from the order of Hon’ble Supreme Court decision in the case of Shri Kapurchand Shrimal [1981 (8) TMI 2 - SUPREME COURT]for the proposition that it is the duty of appellate authority to correct the errors in the order of authority below and remand the matter with or without direction unless prohibited by law. Appeal by the Revenue stands partly allowed for statistical purposes.
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