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TMI Blog2024 (8) TMI 1302X X X X Extracts X X X X X X X X Extracts X X X X ..... xamined by the tribunal and noted that the assessee company had completed multiple pieces of land in the State of UP for developing a project in phases. The estimated cost of the project at the relevant point of time was Rs.300 crores. The assessee company had registered its project before the Real Estate Development Authority, U.P. The tribunal noted that the funds of the investing company and its creditworthiness has been duly considered and discussed by the CIT[A] in its order dated 22.7.2020. The entire share subscription amount was received by the tribunal from its holding company, i.e., IBIPL which in turn is promoted by Infinity Infotech Parks Limited and provided funds for execution of the project either by own or through subsidiari ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the facts and in the circumstances of the case, the Learned Income Tax Appellate Tribunal was justified to grant relief to the respondent assessee by upholding the order of the Commissioner of Income Tax [Appeals] despite the fact that none of the directors of the respondent assessee responded and appeared in response to notice issued under section 131 of the Income Tax Act, 1961 before the Assessing Officer for verification, examination of genuineness of transitions, as well as the identity, creditworthiness of the share applicants ? 3. Heard learned advocates on either side. 4. The revenue on appeal challenging the correctness of the order passed by the tribunal by which the appeal filed by the tribunal challenging the order passed by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tribunal noted that the funds of the investing company and its creditworthiness has been duly considered and discussed by the CIT[A] in its order dated 22.7.2020. The entire share subscription amount was received by the tribunal from its holding company, i.e., IBIPL which in turn is promoted by Infinity Infotech Parks Limited and provided funds for execution of the project either by own or through subsidiaries. 6. After discussing the other relevant facts, the Tribunal also took note that the CIT[A] called for a remand report from assessing officer in respect of various details and evidence was submitted by the assessee and thereafter after considering the remand report the CIT[A] passed the order. The Tribunal also took note of the decisi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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