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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 ..... e order of ld. CIT (A) confirming the part addition of Rs. 6,20,87,580/- by the ld. CIT (A) as against addition made by the ld. AO of Rs. 12,41,75,000/- on account of share capital / share premium. 03. The facts in brief are that the assessee filed the return of income on 28.08.2012, declaring total income at Rs. nil. The case of the assessee was selected for scrutiny and accordingly, statutory notices were duly issued and served upon the assessee. Accordingly, the assessment u/s 143(3) was framed vide order dated 25.03.2015, assessing the total income at Rs. 12,41,75,160/-, after making the addition on account of share capital / share premium issued during the instant financial year amounting to Rs. 12,41,75,160/- as unexplained cash cred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 6,20,87,520/- and thereby partly allowed the appeal by deleting the addition to the extent of 50%. 05. The ld. Authorized Representative vehemently submitted before us that the assessee has filed all the evidences before the ld. AO such as names, addresses, PANs, audited financial statements, bank statements, etc. evidencing that the shareholders have invested money in the assessee company and all the money has been received through banking channels. The ld. Authorized Representative further submitted that the ld. AO, in order to independently verify the transactions, issued notices u/s 133(6) of the Act to the subscribers of shares and all the subscribers duly furnished their replies along with the evidences as were called for by the ld ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT(A) may be reversed and that of AO may be restored fully by dismissing the appeal of the assessee and by allowing the appeal of the revenue. 07. After hearing the rival contentions and perusing the materials available on record, we find that this is second round of litigation before the Tribunal and in the first round vide order dated 20.11.2020, passed in ITA No. 448/Kol/2020 A.Y. 2012-13, in para 4 the coordinate bench observed that though the documents filed by the assessee comprising cash book ledger, bank statements, audited accounts of the subscribers were submitted before the ld. AO which were not examined by the AO and consequently restored the matter back to the file of the AO for fresh adjudication after examining all these ev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re the ld. CIT (A) and both the authorities below have failed to carry out any meaningful and purposeful enquiry 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). Having examined and considered all the facts on records and in the paper book, we are of the considered view that the 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. 09. The issue raised by the R ..... X X X X Extracts X X X X X X X X Extracts X X X X
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