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TMI Blog2024 (6) TMI 1233X X X X Extracts X X X X X X X X Extracts X X X X ..... was complied with and he has given statement on oath by appearing in person before the assessing officer. If we turn back to the findings recorded by the CIT(A), we find that the matter was taken up by the PCIT under Section 263 of the Act and an order was passed holding that the reassessment order was erroneous and prejudicial to the interest of the revenue for not making profit and sufficient enquiries into the share capital raised by the assessee during the relevant year. In the said order dated 10th March, 2014 the CIT(A) had set aside the assessment order and issued three specific directions. These directions were scrupulously taken into consideration and we find from the order passed by the CIT(A), the entire factual aspect has been ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s been laid down by the Hon ble Supreme Court in the case of Pr. CIT (Central-1), Kolkata vs NRA Iron Steel Pvt. Ltd. (412 ITR 161) wherein it has been held that the Assessing Officer is duty bound to investigate the creditworthiness of the creditor/subscriber, verify the identity of the subscribers and ascertain whether the transaction is genuine or these are bogus entries of name lenders? c) Whether the Learned Tribunal has committed substantial error in law by failing to appreciate the ratio of decision of Apex Court in the case of Pr. CIT (Central-1), Kolkata vs NRA Iron Steel Pvt. Ltd. (412 ITR 161) whereby it has been mandated that the assessee is under a legal obligation to prove the receipt of share capital/premium to the satisfacti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hether the order passed by the learned Tribunal is a speaking order or not, it is no doubt true that the learned Tribunal has verbatim extracted the finding recorded by the CIT(A). After which it has taken note of the submissions made on behalf of the revenue and the submissions made on behalf of the assessee and then took note of the documents which have been filed in the paper book (pages 58-705) which has been comprising share application and allotment of shares, bank statements, ITA acknowledgments, audited financial statements, explanation with regard to source of funds etc. and then took into consideration other evidences, namely, the name of the share applicants, their addresses, Pan Card numbers etc. The learned Tribunal has also no ..... X X X X Extracts X X X X X X X X Extracts X X X X
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