Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (4) TMI 797 - AT - Income TaxReopening of assessment u/s 147 - Validity of reason to believe - Addition being notional interest calculated at the rate of 12% on the share application money pending for allotment for the reason that the same is pending for long time - interest on pending share capital money calculated at the nominal rate of 12% was assessed to tax in the absence of any reasoning/reply from the assessee - HELD THAT:- In this case, the assessee has not filed any reasons for pending share capital money either before the Assessing Officer or before the ld. CIT(A). However, considering the prayer of assessee to afford one more opportunity to substantiate its case, we are of the opinion that the assessee shall be given an opportunity to substantiate its case before the AO. In view of the above facts and circumstances, we set aside the order of the ld. CIT(A) and remit the matter back to the file of the AO to decide the issue afresh in accordance with law by affording an opportunity of being heard to the assessee to substantiate its case and the assessee is also directed to furnish complete details before the Assessing Officer for verification and deciding the issue. Appeal filed by the assessee is allowed for statistical purposes.
|