TMI Blog2024 (4) TMI 751X X X X Extracts X X X X X X X X Extracts X X X X ..... tive evidence to show the nature and source of resources of the share subscribers and if the assessee was serious enough to establish his case, it ought to have complied with the notices/letters issued by the Assessing Officer and ought to have produced the directors of the subscribing companies before the AO so that they could explain the sources from which the share subscription was made. As stated that there is no complaints either from the end of the assessee company or from the end of the alleged subscriber company. This finding recorded by the AO as affirmed by the CIT(A), if required to be set aside by the Tribunal, reasons have to be assigned. Therefore, we find that the conclusion arrived at by Tribunal is insufficient to support i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Officer where no personal attendance was made by any director of the share allottee companies during the course of assessment proceedings and as such identity and creditworthiness of the creditors and genuineness of the transactions could not be verified ? c) Whether on the facts and in the circumstances of the case the Learned Income Tax Appellate Tribunal was erred in law in appreciating the principle which has been laid down by the Hon ble Supreme Court in the case of Pr. CIT (Central) 1, Kolkata vs. NRA Iron Steel Pvt. Ltd. (412 ITR 161) wherein it is suggested that Assessing Officer is duty bound to investigate the creditworthiness of the creditors/subscriber, verify the identity of the subscribers and ascertain whether the transaction ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT(A) placed reliance on the decision of Kolkata Bench of the Tribunal in the case of M/s. Blessings Commercial Pvt. Ltd. in ITA 271/Kol/2014, dated 28th June, 2017 and other judgments and ultimately the appeal was dismissed. On an appeal preferred by the assessee before the Tribunal, the concurrent findings recorded by the Assessing Officer and the CIT(A) have been set aside and the appeal has been allowed. The impugned order passed by the Tribunal runs to 14 pages and in paragraph 11 of the impugned order, the learned Tribunal has recorded that from the bare perusal of the paper book and the documents placed, it is revealed that all the share applicants are income tax assessees, they are filing their income tax returns, share applicatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal in paragraph 11 is insufficient to support its ultimate conclusion in allowing the assessee s appeal. Therefore, we are of the view that the matter has to be remanded back to the Tribunal for fresh consideration. 7. Accordingly, the appeal is allowed. The order passed by the learned Tribunal is set aside and the matter is remanded to the Tribunal to take a fresh decision on merits and in accordance with law and pass a reasoned order. 8. Consequently, substantial questions of law are left open. 9. The stay application GA 2 of 2024 stands disposed of. 10. Considering the fact that the assessment is of the year 2012-13 and the assessment order was passed on 24.3.2013 pursuant to a direction issued under section 263 of the Act, we req ..... X X X X Extracts X X X X X X X X Extracts X X X X
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