TMI Blog2021 (5) TMI 244X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee is directed to cooperate and produce all the persons who may be summoned by the Assessing Officer for examination as and when called for by the Assessing Officer. Keeping in view the totality of the facts and circumstances of the case, the submissions of both sides and also the orders of the Co-ordinate Bench of the Tribunal in similar matters, we set aside this issue to the file of the AO for fresh adjudication in accordance with law - Appeal of the assessee is allowed for statistical purposes. - ITA No. 1431/Kol/2017 - - - Dated:- 22-4-2021 - J. Sudhakar Reddy, Member (A) And Aby T. Varkey, Member (J) For the Appellant : Subash Agarwal, Advocate For the Respondents : Supriyo Pal, Addl. CIT, D/R ORDER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... issued on 05/03/2015 and the assessment order was passed on 27/03/2015, which was a very shot span of time. The Ld. counsel for the assessee submitted that, Assessing Officer did not provide reasonable opportunity to the assessee to represent his case. The assessee filed an affidavit and submitted that, it undertakes to produce the directors of the subscriber companies before the Assessing Officer and also to file all necessary evidence as required by the Assessing Officer, if the matter is restored back to the file of the Assessing Officer for fresh adjudication, in accordance with law has been done in many such case. He relied on certain case-law, which we would be considering during the course of our finding. 5. The Ld. D/R, did not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r: We note that the AO pursuant to the order of Ld. CIT had taken note of the directions of the Ld. CIT and issued notice u/s. 142(1) dated 16.08.2013 and has acknowledged that the assessee had furnished the copy of final account, I.T. Acknowledgement, bank statement for the relevant period evidencing the receipt of share application money from the share applicants. Thereafter, the AO makes certain inferences based on the list of shareholders and taking note of the bank statement furnished by the assessee. We note that after the initial notice dated 16.08.2013, thereafter the AO had issued the notice on 26.02.2014 which has been reproduced at page 3 of the reassessment order, wherein AO required the directors of the assessee company to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... We also note that Ld. CIT while setting aside the order of the AO which was passed u/s. 147/143(3) of the Act, the Ld. CIT gave certain guidelines to follow for conducting deep investigation. We also note that similarly placed assessees had challenged the exercise of revisional jurisdiction u/s. 263 of the Act before this Tribunal in those cases one of it of Subha Lakshmi Vanijya Pvt. Ltd. Vs. CIT in ITA No. 1104/Kol/2014 dated 30.07.2015, wherein the Tribunal was pleased to uphold the order passed by the Ld. CIT passed u/s. 263 of the Act, which we learn to have been confirmed by the Hon'ble jurisdictional High Court and the SLP preferred against the decision of the Hon'ble jurisdictional High Court has been dismissed by the Hon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 in three judges bench in the case of Tin Box, (supra), has held that since there was lack of opportunity to the assessee at the assessment stage itself the assessment needs to be done afresh and thereby reversed the Hon'ble High Court, Tribunal and CIT(A)'s orders and remanded the matter back to AO for fresh assessment. So, since there was lack of opportunity as aforestated it has to go back to AO. We also note that the Hon'ble Delhi High Court in the case of CIT Vs. Jansampark Advertising Marketing Pvt. Ltd. in ITA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. In view of the aforesaid order and in the light of the Hon'ble Supreme Court's decision in Tin Box Company (supra) and taking into consideration the fact the order of the Ld. CIT passed u/s. 263 of the Act in similar cases being upheld up to the level of Apex Court, and taking note of Hon'ble Delhi High Court's order in Jansampark Advertising Marketing Pvt. Ltd. (supra), we set aside the order of the Ld. CIT(A) and remand the matter back to the file of AO for de novo assessment and to decide the matter in acco ..... X X X X Extracts X X X X X X X X Extracts X X X X
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