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2018 (3) TMI 1458 - AT - Income TaxRevision u/s 263 - Addition of share capital and share premium by treating the same as unexplained cash credit under section 68 - denial of natural justice - Held that:- A perusal of the assessment order passed by the Assessing Officer also shows that the reason for non-compliance to the notices issued under section 131 on the part of Mr. M.K. Kedia and Mrs. Sarita Devi Kedia, the then two directors of the assessee company was explained by them as due to change in address and a further opportunity was also sought by them in writing to comply with the requirements of the A.O. It appears from the order of the A.O. that he did not give such opportunity to Mr. M.K. Kedia and Mrs. Sarita Devi Kedia in spite of the fact that their examination was very crucial to decide the issue and a specific direction accordingly was given by the Ld. CIT in the order under section 263 to the A.O. to examine them on oath. The assessment under section 147/143(3)/263/143(3) was made by the A.O. without giving proper and sufficient opportunity of being heard to the assessee and without considering the relevant documentary evidence filed by the concerned share applicants in response to notices under section 133(6). Set aside the orders of the authorities below and restore the matter to the file of the A.O. with the direction to complete the assessment afresh - Decided in favour of assessee for statistical purpose.
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