Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (10) TMI 855 - AT - Income TaxAddition on account of share capital/premium received - unexplained share Premium Received by the assessee - unexplained unsecured loans received by the assessee - Held that:- After pointing out all these defects, CIT(A) directed the AO to file its remand report. On perusal of the remand report, we find that none of the above defects, stand meet out in the remand report. AO has only referred to some ITI report stating that none of the four companies were found in existence. The remand report further categorically speaks that the Assessing Officer needs 30 days’ more time to conduct deep enquiry from the AO of various companies regarding the transactions made, but the CIT(A) in the impugned order sustained the addition, without giving any further time to the AO sought for making proper enquiries. Such conclusion of the CIT(A), in our considered opinion, is not sustainable, which appears to have been reached on the basis of some alleged enquiries in other cases or with reference to the general statement of Shri Tarun Goel. CIT(A) appears to have stressed on the fact that the impugned share holders has shown meager income in their return of income. The income/losses declared by the investor companies is not a sole criterion to examine the creditworthiness of the shareholders. None of the authorities below have brought any material on record to falsify the fund flow shown in the bank statements of creditors filed by the assessee. Disallowance u/s. 24(a) - Held that:- The averment of the assessee has been that it was due to some calculation error at the end of AO. CIT(A) has also not given any cogent reasoning on this issue. AO is directed to verify the claim of assessee and to give benefit thereof, if found admissible under law.
|