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2023 (12) TMI 342 - MADRAS HIGH COURTUnexplained investments in share capital of its group companies - addition made as nothing was produced by the assessees to prove that the investments in the shares of SBQ Steels by the assessees are out of the explained investments - HELD THAT:- The main reason given by the Tribunal in the orders dismissing the appeals is that nothing was produced by the assessees to prove that the investments in the shares of SBQ Steels by the assessees are out of the explained investments. The contention of the learned counsel for the assessees in this regard is that they were ready to submit the relevant documents, but on the date of hearing of the appeals, 15 other cases relating to the group were also listed and due to the same, the assessees were not able to provide the documents. In view of the submission made on the side of the assessees that they are ready to submit the relevant documents, this court deems it appropriate to remand the matter to the Assessing Officer / respondent authority for fresh consideration. The learned standing counsel appearing for the respondent has no serious objection for the same. Questions of law raised in all these appeals are left open and the matters are remanded to the respondent authority / assessing officer for fresh consideration.
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