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TMI Blog2023 (10) TMI 629X X X X Extracts X X X X X X X X Extracts X X X X ..... ect to state that no evidences have been produced by the assessee to prove the identity and creditworthiness of the investors as well as the genuineness of the transaction. What was required to be considered was whether the documents produced by assessee and the stand taken by them to the identity and creditworthiness of the investors as well as the genuineness of the transaction on the materials which were on the file of [CIT(A)] as well as the assessing officer. The assessee has to be partly blamed for the present situation as the assessee failed to respond to the notice issued to the assessee through e-mail as well as electronically. In any event, since the appellant s remedy before the learned tribunal is a very valuable remedy as th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ies of their income tax returns and audited accounts and the bank statements and cheque details for the transactions and replies were also filed by the share subscribers to notices under section 133[6] of the Income Tax Act, 1961, the onus had shifted on the Assessing Officer to bring on record material and/or evidence which should show that the transaction is not genuine or that the identity and creditworthiness of the share subscribers was doubtful ? C] Whether the identity and creditworthiness of the share subscribers and genuineness of the transaction of share subscription be doubted only on the basis of non-appearance of the appellant s director to summons issued under section 131 of the Act when the appellant had duly provided all ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld be seen from the assessment order dated 29.3.2015 under section 143[3] of the Act, notices were issued to the assessee under section 143[2] and 142[1] of the Act and the assessee appeared before the assessing officer from time to time and furnished details and submissions and explanations. Subsequently, summons under section 131 of the Act was issued to the Director of the assessee for personal deposition and also producing the certain details. However, the Director failed to appear before the assessing officer. Therefore, the assessing officer proceeded to complete the assessment on the basis of the documents available and held that the assessee could not establish the creditworthiness of the shareholders as shown in the share capital i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ered the submissions of the assessee, the relevant assessment records, and the various judicial decisions and has come to a conclusion that the assessee has made out a case for interference of the order passed by the assessing officer. Further, it is seen that the [CIT(A)] had called for a remand report and pursuant to which the assessing officer issued notice dated 2.8.2019 to the assessee calling for documentary evidence in the form of paper book. This was submitted by the assessee to the assessing officer as well as the [CIT(A)] on 23.8.2019. Thus, it is seen that [CIT(A)] had come to a conclusion upon considering the documents and the submissions made by the assessee. Therefore, it may not be correct to state that no evidences have been ..... X X X X Extracts X X X X X X X X Extracts X X X X
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