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TMI Blog2019 (8) TMI 1558X X X X Extracts X X X X X X X X Extracts X X X X ..... T:- 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 AO. Even the ld. D.R. has not raised any objection for sending the matter back to the AO - 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 - Decided in favour of assessee for statistical purposes. - I.T.A. No. 570/KOL/2018 - - - Dated:- 9-8-2019 - Shri P.M. Jagtap, Vice-President (KZ) and Shri S.S. Viswanethra Ravi, Judicial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es appeared before the Assessing Officer in response to these summons under section 131, they did not produce fully the documents called for by the Assessing Officer and also sought time to depose before the Assessing Officer. The Assessing Officer accordingly afforded one more opportunity to the Directors of the share subscribing companies to depose before him and file the required documents. The Directors of the share subscribing companies, however, failed to comply with the said requirement. Keeping in view this failure of the Directors of the share subscribing companies, the Assessing Officer held that the relevant cash credits representing receipt of share application money including premium were not properly explained by the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the concerned share subscribers to the summons issued by the Assessing Officer under section 131 during the course of assessment proceedings and since the statements of the Directors of the share subscribing companies could not be recorded and they also failed to furnish the relevant documents required by the Assessing Officer, the Assessing Officer made the addition under section 68 by treating the share application money including premium received by the asseessee-company during the year under consideration as unexplained cash credit. He has contended that the relevant documentary evidence to explain the relevant cash credits representing share application money including premium in terms of section 68 was not filed before the Assessing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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