9911796707
TMI Blog2019 (8) TMI 1558X X X X Extracts X X X X X X X X Extracts X X X X ..... ed cash credit under section 68 of the Income Tax Act, 1961. 2. The assessee in the present case is a Company, which is engaged in the business of investment and trading in shares. The return of income for the year under consideration was filed by it on 24.09.2012 declaring total income of Rs. 22,267/-. During the year under consideration, the assessee had received a substantial amount of Rs. 129.43 crores on account of share application money including premium. In order to verify the said amount in terms of section 68, summons under section 131 was issued by the Assessing Officer to the Director of the assessee-company. Although the Director of the assessee-company appeared before the Assessing Officer in response to the said summons, he ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a detailed submission was made by the assessee in support of its case that the addition made by the Assessing Officer under section 68 by treating the share application money including premium as unexplained cash credits, was not justified. The ld. CIT(Appeals) did not find merit in the said submissions. He found from the papers and documents available on the assessment records that the creditworthiness of the concerned share applicant companies was not established and the relevant transactions involving receipt of share application money including premium were nominal rather than the real. He accordingly confirmed the addition made by the Assessing Officer under section 68 of the Act. Aggrieved by the order of the ld. CIT(Appeals), the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the facts and circumstances of the case, we consider it fair and proper and in the interest of justice to give one more opportunity to the assessee to support and substantiate its case on the issue under consideration by sending the matter back to the Assessing Officer. Even the ld. D.R. has not raised any objection for sending the matter back to the Assessing Officer. We, therefore, set aside the impugned order of the ld. CIT(Appeals) and restore the matter to the file of the Assessing Officer for deciding the same afresh in accordance with law after giving one more opportunity to the assessee to support and substantiate its case. As undertaken by the ld. Counsel for the assessee, the assessee shall make due compliance before the Assessin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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