TMI Blog2018 (5) TMI 1264X X X X Extracts X X X X X X X X Extracts X X X X ..... he Ld. CIT in the order passed u/s 263 be followed. The assessee is directed to appear before the assessing officer within 30 days of receipt of this order take notice and thereafter cooperate in completion of the assessment. See M/S. SRIRAM TIE UP PVT. LTD. VERSUS ITO [2018 (3) TMI 1403 - ITAT KOLKATA] - Decided in favour of assessee for statistical purposes. - I.T.A No. 937/Kol/2017 - - - Dated:- 18-5-2018 - Shri J.Sudhakar Reddy, AM And Shri S.S. Viswanethra Ravi, JM For The Appellant : Shri Miraj D Shah For The Revenue : Shri A. Bhattacharjee, Addl. CIT ORDER Per J.Sudhakar Reddy, AM This is an appeal filed by the assessee directed against the order of the Commissioner of Income Tax (Appeals)- 16, Ko ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sec 263 order have not been followed by the AO. The Ld. CIT(A) has passed an ex parte order and has not dealt with the issue on merit. In the case of Sriram Tie Up Pvt. Ltd. supra at para 6 and 7 held as follows: 6. In the case of M/s. Sukanya Merchandise Pvt. Ltd. vs ITO (ITA 291/Kol/2016 dated 15.12.2017) cited by the learned counsel for the assessee, a similar view has been taken by the Co-ordinate Bench of this Tribunal and the similar issue relating to the addition made under section 68 on account of share capital contribution by treating the same as unexplained cash credits is restored back by the Tribunal to the file of the A.O. in almost similar situation after recording its observations / findings as under: We note that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The AO has drawn adverse conclusion basically because of non-appearance of the directors of the assessee company and that of the shareholder companies. We note that initially the AO started the enquiry on 16.08.2013 which was complied by the assessee by submitting documents which has been acknowledged by the AO. Thereafter, the enquiry was started only at the fag end of February 2014 and the assessee company had informed the AO that their directors were out of station till 23.03.2014. In the light of the aforesaid facts, we are of the opinion that the assessee did not get fair opportunity to present the evidences before the AO so, there was a lack of opportunity as aforesaid, therefore, it has to go back to AO. 8. We also note that L ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT after looking into the pernicious practice of converting black money into white money has given the guidelines to AO as to how the investigation should be conducted to find out the source of source. Since similar order of the Ld. CIT passed u/s. 263 of the Act has been upheld by the Tribunal as well as by the Hon ble Calcutta High Court as well as the SLP has been dismissed by the Hon ble Supreme Court, similar order of the Ld. CIT has to be given effect to as directed by the Ld. CIT. We take note that the Ld. CIT with his experience and wisdom has given certain guidelines in the backdrop of black money menace should have been properly enquired into as directed by him. The AO ought to have followed the investigating guidelines and metho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iry, could not have closed the chapter simply by allowing the appeal and deleting the additions made. It was also the obligation of the first appellate authority, as indeed of ITAT, to have ensured that effective inquiry was carried out, particularly in the fact of the allegations of the Revenue that the account statements reveal uniform pattern of cash deposits of equal amounts in the respective accounts preceding the transactions in question. This necessitated a detailed scrutiny of the material submitted by the assessee in response to the notice under Section148 issued by the AO, as also the material submitted at the stage of appeals, if deemed proper by way of making or causing to be made a 'further inquiry in exercise of the power ..... X X X X Extracts X X X X X X X X Extracts X X X X
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