TMI Blog2022 (10) TMI 315X X X X Extracts X X X X X X X X Extracts X X X X ..... king order considering the submissions made by the assessee, calling requisite remand report from the ld. AO and after making required enquiries/investigation as deem fit. Needless to say that the assessee be given reasonable opportunity of being heard to substantiate its claim by making any further submissions apart from the documents already placed on record. Since the matter is restored to the file of Ld. CIT(A) for fresh adjudication in terms of our observations herein above, we are not expressing any views on the merits of the case so as to limit the appellate procedure before the Ld. CIT(A). Appeal of the assessee is allowed for statistical purposes. - I.T.A. No. 324/KOL/2021 - - - Dated:- 22-9-2022 - Shri Sanjay Garg , Judicia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing of the Department, Kolkata, in the course of assessment, ld. Assessing Officer sought explanation on the amount of Rs. 10,00,000/- received by the assessee from one M/s. Mangalmayee Hirise Pvt. Limited towards share capital and share premium for issue of 2,000 equity shares having face value of Rs. 10/- and share premium of Rs. 490/- per share. Statutory notices were issued by the ld. Assessing Officer and the assessee filed copy of Income-tax Return, its Audited Balance-sheet and Profit Loss Account, Computation of Income and copy of Bank Statement which are all placed on record. To enquire into the details of transaction of Rs. 10,00,000/-, ld. Assessing Officer issued notice under section 133(6) dated 30.08.2019 on the subscriber c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stated by the assessee that the same could have been verified from the PAN of the subscriber company, which were also available on the MCA Portal. Relevant extract in this respect from the order of ld. CIT(Appeals) is reproduced as under:- 4.4. In respect of allegation of Ld. AO mentioned in para 3.5 about the three limbs of basic parameters i.e. identity, genuineness of transactions and creditworthiness of share applicants: The appellant states that the fact remains the identity and genuineness of transaction of equity capital of any company cannot remain un-explained as the details are available in MCA portal in Form No. 2 (Return of allotment) filed by company and the same is available for public view. As regards the credit wor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eal of the assessee, the ld. CIT(Appeals) held that the argument of assessee that the share application money was share capital and the same could not be treated as income without proving the shareholders to be bogus is fallacious. He further noted that as per the amended section 68 of the Act, the onus is on the assessee to prove the source of source for which ld. Assessing Officer had summoned the Directors of the investor company and was not responded. Aggrieved, the assessee is in appeal before the Tribunal. 7. Ld. Counsel for the assessee reiterated the submissions made before the authorities below and referred to the paper book containing 43 pages, placed on record. For the purpose of effective discharge of the onus of the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e matter, wherein assessee will make all the necessary submissions for its claim. 10. Considering the material on record and the prayer made by the ld. Counsel for the assessee as also the observation made by the ld. CIT(Appeals) in respect of proving the source of source, we find it proper to set aside the matter to the file of ld. CIT(Appeals) in the interest of justice and fair play. We direct to pass a speaking order considering the submissions made by the assessee, calling requisite remand report from the ld. Assessing Officer and after making required enquiries/investigation as deem fit. Needless to say that the assessee be given reasonable opportunity of being heard to substantiate its claim by making any further submissions apart ..... X X X X Extracts X X X X X X X X Extracts X X X X
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