TMI Blog2021 (12) TMI 309X X X X Extracts X X X X X X X X Extracts X X X X ..... s of which it can be deduced as to the date of credit of the amount in the books of the assessee - interestingly in the balance sheet also there were no outstanding loans/ amount for the earlier years. In absence of these documents and information, it will be against the interest of justice and law to decide the issue merely on the basis of the judgement relied upon by the ld. AR and vague finding of the CIT(A) . CIT(A) has merely relied upon the confirmation letter given by the respective shareholders, confirming the transaction along with the loan transactions before us as well as before the ld. CIT(A). No books of accounts of the assessee were produced before us showing credit entry of the amounts invested in the shares prior to the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... For the Appellant : Shri R. A. Dhyani For the Respondent : Shri Pramod Vaidya ORDER PER LALIET KUMAR, JM : The present appeal is filed by the Revenue against the order dated 13.08.2019 passed by ld. CIT(A)-2, Panaji, Goa for Assessment Year 2007-08 on the following grounds: 1. On the facts and circumstances of the case and in law, the Ld. CIT(A) has erred in deleting the addition on account of addition made for the reason of assessee being not able to prove genuineness and credit worthiness of share capital and securities premium. 2. The appellant prays that the order of the Ld.CIT (A) on the above grounds be set aside and that of the AO be restored. 3. The appellant craves leave to amend or alter any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... present case, the A.O. has made the addition u/s.144 of the Act, as none appeared on behalf of the assessee during the assessment proceedings and from the perusal of the balance sheet and profit and loss account, it transpired to the A.O. that the assessee has issued the share capital of ₹ 42,50,000/- and the share premium was charged for ₹ 1,57,50,000/- schedule 2 of the balance sheet. 6. The assessee had also placed on record nine confirmation letters, the summary of the confirmation letters are as under: Sr. No. Name Amount Description Date of outstanding of amount 1 Mrs. Anjali Pathak ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 25,00,000/- Investment in equity shares 30.12.2005 From the perusal of the above noted table, it is abundantly clear that there is no detail of making the payment by the said two persons namely Anjali Pathak and Mahendra Mehar Singh Gujral in the confirmation letters. No bank statement of these two persons were provided to the Bench. 7. In our considered opinion, it is necessary for the lower authorities, more particularly the ld. CIT(A) to record, as to when the payment for issuance of shares were received by the assessee company in its books of accounts or, in other words, when the amount were credited in the account of the assessee . Since, no discussion have taken place in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... kely note that the assessee feeling aggrieved by the order passed by the ld. CIT(A) and preferred an appeal before the ITAT, Panaji, vide ITA No. 280/Panaji/2019. The ITAT, Panaji vide order dated 09.03.2021 has remanded back the matter back to the file of the ld. CIT(A) with the following directions: 7. Heard both the parties and perused the material available on record. We note that the assessee filed its return of income on-line giving jurisdiction to ACIT, Circle- 1, Margao, Goa and received first notice u/s.142(1) of the Act at registered office situated at in Mumbai. Immediately, the assessee mane petition to the concerned AO to transfer the file to the ACIT, Circle-1, Margao, Goa as the principal place of business falls within th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Mahendra Singh Gujaral and Miss Anjali Pathak received initially and were not in prescribed format and did not contain requisite details. The said details could not be filed before the CIT (A) in time as it were not in proper 1ormat Further, he stated the error/lapse in non-submissions of the confirmation loans in time before the CIT(A) is unintentional and is due to genuine We find that the addition made on reason of receiving the same late. account of other loans requires verification of details but however no details were filed before the AO and CIT(A) as it is evident from the assessment order as well as impugned order. We note that the details filed before this Tribunal by way of paper book are necessary for the fair adjudication of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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