TMI Blog2019 (12) TMI 351X X X X Extracts X X X X X X X X Extracts X X X X ..... remand report from the Assessing Officer on the issue before. The Assessing Officer in his remand report dt. 26/05/2015, has stated as follows:- The detail of documents filed by the assessee company are duly perused. From the record, it is found that the all applicants who have subscribed the fresh share capital issued by the assessee during the relevant year under consideration are assessed to income tax and payments were made through banking channels by way issuance of cheques. It is further found that in the original assessment proceedings the assessee company has furnished the complete details of such share holders like complete name, address, PAN, Income Tax details .and bank particulars alongwith copies of Acknowledgement of return of income filed by them with this office alongwith Balance Sheet. In the balance sheet of the all the share holders, the investment made in equity i.e., the assessee is disclosed and depicted. In remand proceedings, it is further found that all these share subscribers are regularly assessed to income tax filling their income tax return along with balance sheet. The documents furnished in the remand proceedings, substant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... udited annual accounts, their bank statement and replies to notice u/s 133(6) of the Act as depicted hereinabove. The net worth of such subscribers is in excess of the amount invested by each of them as explained hereinabove. The addition made by AO is based on extraneous parameters not germane for deciding the issue. The AO had not dealt with the issue judiciously and consistently with the evidence adduced during the course of the assessment proceedings by the appellant and the replies of the share applicants in respect of the share capital to warrant the inference that such share application monies received is unaccounted cash credit. There is no material brought on record to that effect and wild speculation of this genre cannot be passed off as gospel truth. Hence, I am inclined to accept the arguments tendered by the AR of the appellant in this respect. In view of the above, I have no hesitation to hold that the impugned addition made by the AO by invoking the provisions of s. 68 is not justified in the circumstances and accordingly, direct him to delete such addition of ₹ 17,63,00,000/- made on this account. Thus, effective ground no. 5 of the appeal is allowed. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Nos.819 to 821 of 2010 is reviewed and recalled and the appeals stands disposed of, by remanding the matter to the Tribunal to decide the question of its jurisdiction to entertain the appeals filed by the Revenue against the orders of the CIT (A). In the event, the Tribunal decides the question in favour of the Revenue, it shall reconsider the other issues after opportunity to the Revenue and assessee. 4..1. The Kolkata Bench of the Tribunal in the case of D.C.I.T., Central Circle-1 (4) , Kolkata Versus M/s Shraddha Tower Pvt. Ltd. 2018 (10) TMI 1405 - ITAT KOLKATA, held as follows:- 8. Heard rival contentions. On a careful consideration of the facts and circumstances of the case, on perusal of the documents on record and the orders of the authorities below we hold as follows :- The AO in his remand report has stated that he has verified all the documents and evidences furnished by the assessee in support of its claims. No adverse observations were made by the AO in the remand report. The claim of the assessee was accepted as correct. Under the circumstances, the ld. CIT(A) based on this remand report by the A.O, granted relief in this case. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the balance of advance existed at the end of the financial year was sufficient to acquire assets existing in the right side of the balance sheet in each case and in each assessment year. Keeping in view the categorical findings given by the AO after due verification of papers and details filed and after proper investigation and report by the inspector attached to the AO in the remand proceedings, the issue involved in this case has been adequately discussed and elaborated by the AO. Accordingly assessee's appeal on ground no 3 is allowed. 9. On these facts the issue is whether the Revenue could at all file an appeal before the Tribunal. The Hon'ble Madras High Court in the case of Smt.B. Jayalakshmi vs ACIT (supra held as follows :- Section 246 of the Income-tax Act, 1961 - Commissioner (Appeals) - Appealable orders (Remand report) - Assessment years 1995-96 to 1997-98 - For relevant year, assessment order was passed under section 143(1) - Subsequently, Assessing Officer reopened assessment under section 147 and made addition by treating agricultural income of assessee as non- agricultural - Commissioner (Appeals) called for remand r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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