TMI Blog2014 (2) TMI 938X X X X Extracts X X X X X X X X Extracts X X X X ..... y receipt under section 68 of the I.T. Act – thus, the matter remitted back to AO for fresh adjudication. - I.T.A. No. 3892/Del/2012 - - - Dated:- 23-1-2014 - Shamim Yahya And Shri A. T. Varkey,JJ. For the Petitioner : Dr. Rakesh Gupta, Sr. Adv., Sh. Ashwani Taneja, Adv., Sh. Somil Agarwal, For the Respondent : M s. Nidhi Srivastava, Sr. D.R. ORDER Per Shamim Yahya: AM This appeal by the Revenue is directed against the order of the Ld. Commissioner of Income Tax (Appeals-XIX), New Delhi dated 24.5.2012 pertaining to assessment year 2007-08. 2. The grounds raised read as under:- i) Ld. CIT(A) erred in law and on the facts of the case in setting aside the issue of addition of Rs. 1,75,20,000/- made by the AO under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as on 31.3.2007 came to Rs. 1,75,20,000/-. In this regard, copy of the balance sheet of the assessee was referred which was said to have been filed alongwith the return. Regarding the share application money of Rs. 12,00,000/- received during the financial year 2006-07 from three parties, assessee submitted copy of application for shares and confirmation letter and PAN Number. Considering the above, Ld. CIT(A) directed as under:- Since the documents and the details as mentioned in above paras are filed for the first time either by the AR on his own or on enquiry from the undersigned in these proceedings in the interest of justice, the AO is hereby directed to verify the genuineness of the documents and the contentions of the AR and i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anation, no addition is called for. Against the above directions, Revenue is in appeal before us. 8. We find that Revenue s contention in this regard is correct that Ld. CIT(A) does not have any power to set aside the issue to AO. However, we find that assessee has failed to submit the relevant documents before the AO. However, he has submitted some details before the Ld. CIT(A). In our considered opinion, interest of justice will be served, if the matter is remitted to the file of the AO. Accordingly, we remit this issue to the file of the AO. AO shall examine the issue afresh regarding the identity of the depositors, genuineness of the transactions and the creditworthiness of the share applicants. Needless to add that the assessee shoul ..... X X X X Extracts X X X X X X X X Extracts X X X X
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