2022 (2) TMI 649

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..... gainst the order passed by the CIT(A). Nevertheless the tribunal took upon itself the exercise to examine the factual position probably realising that they are the last fact finding authority in the hierarchy of authorities provided under the Act. After making an elaborate factual exercise the tribunal examined the credit worthiness of the investors and found that three share applicants were income tax assessees; they were filing return of income; share application form and allotment letter were available on record; the share application money was paid by the account payee cheques; details of bank account belonging to the share applicants and their bank statements were available; the assessing officer did not find any amount to be deposi .....

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..... r Section 68 of the said Act to the extent of the genuineness of transaction, credit worthiness of the company, nature and source of such sum so credited to the assessee s account ? (ii) Whether Learned Tribunal erred in confirming the order of Ld. CIT(A), Kol in which Ld. CIT(A), Kol allowed the appeal of the assessee without remanding the issue, guided the AO to verify the credentials of the persons, which tantamounts to setting aside the case, but the same is not legally permissible ? We have heard Ms. Sucharita Biswas learned counsel assisted by Mr. Soumen Bhattacharyya, learned Advocate for the appellant/revenue and Mr. Avratosh Majumdar, learned senior counsel assisted by Mr. V. Tibrewal and Mr. Abhra Majumdar, learned Advocates .....

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..... the assessing officer was not established. After taking note of the submission made by the assessee, more particularly that the investments have been made by the assessee s own sister concern and group companies, the CIT(A) directed the assessing officer to verify the claim of the assessee that the investments have been made from the assessee s own sister concern/group companies having mostly common directors and, to treat the appeal filed by the assessee to be allowed on those grounds in case the aforesaid claim is found correct. We find from the order passed by the tribunal that the assessing officer has complied with the direction issued by the CIT(A) and has given effect to the order and no adverse finding has been recorded by the a .....

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