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2022 (8) TMI 209 - Income Tax
Addition u/s 68 - unexplained share subscription transaction - assessee failed to establish the creditworthiness, identity and genuineness of transaction for which credit in the books of accounts - ITAT deleted the addition - HELD THAT:- Tribunal has stated that the facts of the case are not in dispute. It is not clear on what basis the Tribunal came to such a conclusion. Tribunal has not recorded that the revenue has conceded to the documents details produced by the assessee for the first time before the Tribunal. According to the Tribunal, those documents were available in the assessment file.
Be that as it may, the assessee was bound to co-operate in the assessment proceedings. In spite of several notices the assessee did not even care to reply to the said notices nor respond to the notices. Therefore, we are required to examine the correctness of the order passed by the Tribunal on merits. It will be rewarding a person who does not require such an indulgence - Tribunal fell in error by stating that the facts are not in dispute. Then the enquiry could not be completed by the AO on account of supine interference on the part of the assessee in not co-operating with the assessment proceedings. Therefore, we are of the clear view that the matter has to be remanded back to the AO for fresh consideration. Revenue appeal is allowed.