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2023 (10) TMI 629 - CALCUTTA HIGH COURTAddition u/s 68 - assessee could not establish the creditworthiness of the shareholders as shown in the share capital investment during the relevant financial year - observations of the Tribunal that the appellant had not provided any documents or details before the lower authorities and/or not participated in the proceedings before the CIT [Appeals] - HELD THAT:- CIT(A) had come to a conclusion upon considering the documents and the submissions made by the assessee. Therefore, it may not be correct to state that no evidences have been produced by the assessee to prove the identity and creditworthiness of the investors as well as the genuineness of the transaction. What was required to be considered was whether the documents produced by assessee and the stand taken by them to the identity and creditworthiness of the investors as well as the genuineness of the transaction on the materials which were on the file of [CIT(A)] as well as the assessing officer. The assessee has to be partly blamed for the present situation as the assessee failed to respond to the notice issued to the assessee through e-mail as well as electronically. In any event, since the appellant’s remedy before the learned tribunal is a very valuable remedy as the learned tribunal is the last fact finding forum which will be able to appreciate and re-appreciate the facts, we are of the opinion that the appeal should be decided by the learned tribunal on merits. Appeal is allowed and the order passed by the learned tribunal is set aside and the matter stands remanded to the learned tribunal for fresh consideration of the appeal on merits and in accordance with law.
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