9911796707
TMI Blog2019 (3) TMI 146X X X X Extracts X X X X X X X X Extracts X X X X ..... come-tax Act, 1961 (hereinafter referred to as the "Act"), which sum represented amounts received by the assessee towards share capital and share premium. 3. Briefly stated facts are that the assessee company filed its return of income for the A.Y. 2010-11 u/s 139(1) of the Act on 18.03.2011 showing total income of Rs. 4,750/-. The return was processed 143(1) of the Act. Subsequently, the assessment was completed u/s 147/143(3) of the Act on 19.01.2012 at the assessed income of Rs. 44,753/-. Later on, the Commissioner of Income-tax, Kolkata-II, Kolkata initiated the proceedings u/s 263 of the Act. The order passed u/s 143(3)/147 of the Act dated 19.01.2012 was set aside by the CIT, Kol-II , Kolkata u/s 263 of the Act vide order dated 14.03 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er year is small and has not turned out before him to summons u/s. 131 of the Act, creates doubt as the identity and creditworthiness of investors and most importantly the genuineness of transaction of share capital and premium received by the assessee company. According to AO, the identity as well as the creditworthiness and genuineness of the shareholders could not be established, so the entire amount of Rs. 8,97,21,000/- received by the assessee during the year was added by the AO as unexplained credit in the books of the assessee company and added to the total income u/s. 68 of the Act. Aggrieved, assessee preferred an appeal before the Ld. CIT(A), who confirmed the action of AO. Aggrieved, assessee preferred this appeal before us. 4. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1) dated 22.09.2014 was sent to the assessee company which was again returned by the postal authorities. On 10.10.2014 a show cause notice was sent to the assessee through the post and on the e mail ID. But no response whatsoever was made by the assessee company. On 27.10.2014, the assessee informed about the change in address. Thereafter the AO issued last notice fixing the hearing on 18.02.2015. Then assessee filed a written submission on 17.02.2015. After that the AO passed the reassessment order ex parte by invoking sec. 144 of the Act. The Ld. AR also submitted that even the Ld. CIT(A) has also passed the order ex parte without affording proper opportunity of being heard to the assessee. 6. Hence, the main grievance of the assessee is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... before the AO during reassessment proceedings. The Hon'ble (three judge bench) of the Hon'ble Supreme Court in Tin Box Company Vs. CIT (2001) 249 ITR 216 (SC) has held as under: "It is unnecessary to go into great detail in these matters for there is a statement in the order of the Tribunal, the fact-finding authority, that reads thus : "We will straightaway agree with the assessee's submission that the Income-tax Officer had not given to the assessee proper opportunity of being heard." That the assessee could have placed evidence before the first appellate authority or before the Tribunal is really of no consequence for it is the assessment order that counts. That order must be made after the assessee has been given a reasonable opp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ar 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 method as directed by him to unearth the facts to determine whether the identity, genuineness and creditworthiness of the share subscribers. We note that the Hon'ble Supreme Court (three judges bench) in the case of Tin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nquiry 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 under Section 250(4). His approach not having been adopted, the impugned order of ITAT, and consequently that of CIT(Appeals), cannot be approved or upheld." 9. In view of the aforesaid order and in the light of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
