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TMI Blog2018 (2) TMI 1204X X X X Extracts X X X X X X X X Extracts X X X X ..... ning given in the Affidavit is understandable and deserved to be appreciated and hence we deem it fit and appropriate in these facts and circumstances, in the interest of justice and fair play, to remand the order of Ld. CIT to the file of the Ld. CIT for de novo adjudication - Decided in favour of assessee for statistical purposes. - I.T.A No. 1395/Kol/2016 - - - Dated:- 10-1-2018 - Shri N . V . Vasudevan, JM And Hon ble Shri M . Balaganesh, AM For the Appellant : Shri Subash Agarwal, Advocate For the Revenue : Shri G . Hangshing, CIT DR ORDER Per M . Balaganesh, AM 1. This appeal by the Assessee arises out of the order of the Learned Principal Commissioner of Income Tax-4, Kolkata [ in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. CIT observed in his order that this huge premium was not justifiable in view of the fact that the assessee company had not carried on any commercial activities and had declared a meager income of ₹ 10,050/- only as is evident from the profit and loss account of the assessee. The Ld. CIT also observed that the assessee company does not have any fixed assets in its balance sheet, so as to imply the future potential to carry on any business. None appeared on behalf of the assessee before the Ld. CIT despite giving repeated opportunities. In view of these facts and circumstances, the Ld. CIT proceeded to conclude that the share capital together with receipt of share premium amounting to ₹ 25,83,10,000/- deserves to be added as un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee company . 4 . On the facts and circumstances of the case, Learned Commissioner of Income Tax was not justified in enhancing the income of the assessee by treating the entire share capital / premium raised as income u / s 68, when no addition under section 68 can be made in the instant case in view of the judgments of the Hon'ble Supreme Court in the case of Lovely Export 319 ITR ( St .) 5 and also in the case of Bharat Engineering Construction Co . Ltd . 83 ITR 187 . 5 . On the facts and circumstances of the case, Learned Commissioner of Income Tax ought to have considered that the order passed by the Assessing Officer was passed after proper inquiry or investigation on the issue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ties. From the Affidavit filed by the Ld. AR before us, we find that the assessee had been dependent on one Chartered Accountant who has been given the brief to handle the income tax affairs before the Ld. CIT and who in turn had not represented the assessee before the Ld. CIT and that the assessee was totally in dark with regard to subject mentioned proceedings and it came to the knowledge of the assessee only on receipt of the order of the Ld. CIT u/s 263 of the Act. We find the reasoning given in the Affidavit is understandable and deserved to be appreciated and hence we deem it fit and appropriate in these facts and circumstances, in the interest of justice and fair play, to remand the order of Ld. CIT to the file of the Ld. CIT for de ..... X X X X Extracts X X X X X X X X Extracts X X X X
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