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The Tax Publishers2020 TaxPub(DT) 4181 (Kol-Trib) INCOME TAX ACT, 1961
Section 143(3)
Taking into consideration the entire aspect of case, undertaking given by assessee for producing the director of the investing companies before the Revenue and particularly upon considering the judgment relied upon in Vriddhi Power Pvt. Ltd. v. ITO , [ITA. No. 570/KOL/2018, dt. 9-8-2019], it would be fit and proper to restore the issue to AO for deciding the same afresh upon giving an opportunity to assessee to substantiate its case and to pass order in accordance with law.
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Assessment - Ex-parte order - Directors of assessee-company not appearing before revenue -
During the course of assessment proceedings, assessee company issued its shares to primarily different private limited companies against high premium. Summons under section 131 though were sent to the directors of investing companies, none appeared. Ultimately, AO on the basis of records available before him finalized assessment upon making addition which was, in turn, confirmed by CIT(A) though by an ex-parte order. Held: Decision in case of Vriddhi Power Pvt. Ltd. vs ITO , [ITA. No. 570/KOL/2018, dt. 9-8-2019] in identical situation Tribunal was pleased to pass order directing AO to adjudicate the matter afresh by providing a further opportunity of being heard to the assessee. Undertaking given by assessee for producing the director of the investing companies before the Revenue and particularly upon considering the judgment relied upon, it would be fit and proper to restore the issue to AO for deciding the same afresh upon giving an opportunity to assessee to substantiate its case and also taking into consideration the presence of directors of the companies and the evidence on record.
Relied:Vriddhi Power Pvt. Ltd. v. ITO [ITA. No. 570 (Kol) 2018, dt. 9-8-2019].
REFERRED :
FAVOUR : Matter remanded.
A.Y. : 2012-13
IN THE ITAT, KOLKATA BENCH
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