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2021 (10) TMI 876 - AT - Income TaxAddition of unexplained cash credit u/s. 68 - assessee had failed to discharge its onus of establishing the genuineness and creditworthiness of source of funds received - non-production of Directors/Principal officers of the Share applicant companies - HELD THAT:- It is pertinent to note that in Assessment Order, the Assessing Officer has categorically stated that the Directors or persons related to share applicant were never produced before the AO despite giving notice under Section 133(6) of the Act. But the CIT(A) in para 3.2 (k) mentioned the correct names and addresses which was not given to the AO by the Assessee at the initial stages of the assessment proceedings but at the end period of the Assessment proceedings. The parties with correct address were never inspected by the AO - CIT(A) without verifying the actual existence of the share applicant parties at those addresses, simplicitor accepted the contentions of the assessee, which is not just and proper. Therefore, we are of the view that the matter needs to be adjudicated after taking cognizance of the new addresses of the share applicants provided by the assessee by issuing fresh notice under Section 133(6) to those parties. And thereafter, take cognizance of the relevant material and adjudicate the matter. Thus, the matter is remanded back to the file of the Assessing Officer for proper adjudication after issuing fresh notice under Section 133(6) to those share applicant parties and thereafter, adjudicate the issue a fresh as per the due process of law - Appeal of the Revenue is partly allowed for statistical purpose.
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