https://www.taxtmi.com/caselaws?id=313983 ITAT Kolkata allowed assessee's appeal for statistical purposes in a case involving addition under Section 68 for large share premium received. The assessee's delay in filing appeal was condoned as their tax consultant failed to communicate CIT(A)'s notices and order. Both AO and CIT(A) orders lacked proper application of mind - AO's assessment was incoherent with computational errors, while CIT(A) merely reproduced readymade material without addressing key issues like identity of share applicants and amounts received. ITAT found factual investigation incomplete and remanded the matter to AO for fresh adjudication, setting aside both lower authorities' orders. en-us Mon, 03 Jul 2023 00:00:00 +0530 Sat, 11 May 2024 08:33:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313983 ITAT Kolkata allowed assessee's appeal for statistical purposes in a case involving addition under Section 68 for large share premium received. The assessee's delay in filing appeal was condoned as their tax consultant failed to communicate CIT(A)'s notices and order. Both AO and CIT(A) orders lacked proper application of mind - AO's assessment was incoherent with computational errors, while CIT(A) merely reproduced readymade material without addressing key issues like identity of share applicants and amounts received. ITAT found factual investigation incomplete and remanded the matter to AO for fresh adjudication, setting aside both lower authorities' orders. Case-Laws Income Tax Mon, 03 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313983