2023 (4) TMI 242 - AT - Income Tax

Unsecured Loans u/s 68 - receipts of share capital/share premium received from investor - CIT(A) did not agree with the submissions of the assessee and held that the receipt from the investors was not proved by substantial documentary evidence - plea of the assessee that there is no transaction among the parties except the allotment of shares for which the payment was made in the preceding financial year - HELD THAT:- We find that without examining the aforesaid aspect the plea of the assessee was rejected. The assessee has not produced the parties as required by the AO during the remand proceedings.

Therefore, in view of the aforesaid findings, we deem it appropriate to remand this matter to the file of the AO for de novo adjudication after necessary examination/verification of the various aspects as highlighted above. Grounds raised by the assessee as well as by the Revenue allowed for statistical purposes.