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2024 (3) TMI 204 - ITAT KOLKATAUnexplained cash credit u/s 68 - share capital/share premium receipts - as submitted assessee has raised money through banking channel and the evidences qua the money received by the assessee were duly furnished the documents before the AO as well as CIT(A) - HELD THAT:- We note that the AO has also issued summons to share subscribers however the same could not be served to the subscriber at the registered office as the same wads shifted to the new address . AO did not carry out any further investigation despite the AO being apprised with the new address. AO deputed the inspector to visit the subscriber’s office which he could not find as is apparent from the record. The AO did not carry out any further investigation on the evidences filed by the assessee and harped on the Investigation Wing report that Shri Chandan Chowdhury, the director of Satyatej Vyapaar Pvt. Ltd. was dummy director and thus the subscriber was mainly engaged in the business of providing accommodation entries as Shri Chandan Choudhury was also named in the STR by the investigation wing. We find merit in the contentions of Ld. A.R that authorities below have not carried out any investigation on the evidences furnished before them. Besides it was argued before us that the assessee was not allowed any cross-examination of Shri Chandan Choudhury and the report of the wing was relied on the back of the assessee as the piece of evidence to make the addition which is not permissible under the law. In our opinion, the order of Ld. CIT(A) sustaining the addition appears to be incorrect and consequently cannot be sustained. Thus AO directed to delete the addition - Decided in favour of assessee.
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