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TMI Blog2018 (12) TMI 1510X X X X Extracts X X X X X X X X Extracts X X X X ..... to the AO. Although the learned DR has opposed this plea made by the learned counsel for the assessee by submitting that proper and sufficient opportunity has already been given by the authorities below to the assessee consider it fair and proper and in the interest of justice to give one more opportunity to the assessee to explain the relevant cash credits representing share capital and share premium amounts in terms of section 68 keeping in view all the facts and circumstances of the case - restore this matter to the file of the AO for deciding the same afresh after giving one more opportunity of being heard to the assessee - Appeal of the assessee is treated as allowed for statistical purpose. - I.T.A. No. 1740/Kol/2016 - - - Dated: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Ld. CIT(A), written submissions were filed by the assessee in support of its case on this issue. The said written submissions were forwarded by the Ld. CIT(A) to the A.O. and in the remand report submitted to the Ld. CIT(A) on 12.03.2015, it was admitted by the A.O. that the supporting documents furnished by the assessee at the remand stage, prima facie, corroborated the share applications, list of allottees, bank statement etc. He further stated that independent investigations or enquiry could not be conducted by him as directed by the Ld. CIT(A) due to paucity of time in view of the time barring assessment. In another report submitted to the Ld. CIT(A) on 01.05.2015, the A.O. stated that the assessee company could not produce all the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unexplained cash credits u/s 68 but also made a further addition of ₹ 28 lacs by treating the share premium amount received by the assessee also as unexplained cash credits. Aggrieved by the order of the Ld. CIT(A), the assessee has preferred this appeal before the Tribunal. 5. I have heard the arguments of both the sides and also perused the relevant material available on record. The learned counsel for the assessee has submitted that proper and sufficient opportunity was not given by the AO to the assessee during the course of assessment proceedings to explain the relevant cash credits in the form of share capital in terms of section 68 by producing the relevant supporting evidence. He has submitted that when such opportunity was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 68 and urged that an opportunity may be given to the assessee by sending the matter back to the Assessing Officer. Although the learned DR has opposed this plea made by the learned counsel for the assessee by submitting that proper and sufficient opportunity has already been given by the authorities below to the assessee, I consider it fair and proper and in the interest of justice to give one more opportunity to the assessee to explain the relevant cash credits representing share capital and share premium amounts in terms of section 68 keeping in view all the facts and circumstances of the case. I accordingly set aside the impugned order passed by the Ld. CIT(A) and restore this matter to the file of the AO for deciding the same afresh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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