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TMI Blog2025 (2) TMI 1075X X X X Extracts X X X X X X X X Extracts X X X X ..... iry and draw any legal conclusion based on the said enquiry. For the aforesaid reasons, we are not in a position to sustain the order of the ld. CIT (A).
Assessee has discharged its burden by furnishing all the evidences and both the authorities below have failed to conduct any enquiry intio the same despite the tribunal specific direction. Accordingly, we set aside the order of ld. CIT (A) on this issue and direct the ld. AO to delete the addition. The appeal of the assessee is allowed. X X X X Extracts X X X X X X X X Extracts X X X X ..... e but not considered by the ld. AO during the assessment proceedings and therefore to meet the end of justice, the issue was remanded to the file of the ld. AO for fresh adjudication. In the set aside proceeding, the assessee filed copies of PAN Cards, the audited financial statements, bank statements of the subscribers and the ld. AO even noted that the subscribers have been assessed u/s 143(3) of the Act. Thereafter, ld. AO simply added the amount of share capital / share premium again on the ground that any prudent person would not invest in such company which has no significant assets or no track record of business and finally framed the assessment u/s 143(3) read with section 144 of the Act dated 28.03.2022. 04. In the appellate proce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tive further referring to the paper book submitted that all the evidences qua the subscribers were filed before the authorities below and also before this tribunal which is available very page nos. 15 to 261 of the paper books. However, any of authorities below did not find any defect or deficiency in the said evidences filed by the assessee as well as by the subscribers. Therefore, the ld. Counsel for the assessee submitted that the finding of ld. CIT (A) estimating the profit at 50% of the total share capital/ share premium is perverse finding and may kindly be set aside by allowing the appeal of the assessee. 06. The ld. DR on the other hand fairly agreed when a query was put as to how the appellate authority estimated the profit at 50% ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the investors and they have furnished their reply along with the details/ evidences as required by the ld. AO. We note that out of six subscribers, as many as five subscribers were subjected to scrutiny u/s 143(3) of the Act and assessment orders were available in the paper book. 08. In the appellate proceedings, the ld. CIT (A) simply in order to put litigation to end estimated the profit on share capital/ share premium at 50% thereby partly allowing the appeal by directing the deletion of the addition to the extent of ₹ 6,20,87,580/- and sustaining the addition by a similar amount. In our opinion, the conclusion drawn by the ld. CIT (A) is completely flawed and wrong and cannot be sustained. The ld. CIT (A) instead of commenting o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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