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2022 (10) TMI 315 - AT - Income TaxAddition u/s 68 - Amount received from shareholders towards allotment of equity shares - whether relevant and detailed enquiry to establish the basic three parameters of identity, genuineness of transactions and creditworthiness of the investor company has not been undertaken both at the assessment level and at the first appellate stage? - HELD THAT:- Prayer made by the ld. Counsel for the assessee as also the observation made by the CIT(Appeals) in respect of proving the source of source, we find it proper to set aside the matter to the file of CIT(Appeals) in the interest of justice and fair play. We direct to pass a speaking order considering the submissions made by the assessee, calling requisite remand report from the ld. AO and after making required enquiries/investigation as deem fit. Needless to say that the assessee be given reasonable opportunity of being heard to substantiate its claim by making any further submissions apart from the documents already placed on record. Since the matter is restored to the file of Ld. CIT(A) for fresh adjudication in terms of our observations herein above, we are not expressing any views on the merits of the case so as to limit the appellate procedure before the Ld. CIT(A). Appeal of the assessee is allowed for statistical purposes.
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