2018 (1) TMI 1072

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....2. That on the facts and circumstances of the case and in law the CIT (A) was not justified in upholding the action of AO in making an addition of Rs. 6,70,00,000/- by treating the share application money received during the assessment year under consideration as unexplained cash credit u/s 68 of the Income Tax Act. 3. That the CIT (A) was not justified in upholding the action of AO in making impugned addition and erred in not adjudicating the following specific grounds raised by the appellant. 3.1 proper and reasonable opportunity was not provided during the course of assessment proceedings. 3.2 Copies of confirmation, ITR, Balance Sheet of all the companies who invested in share capital in the assessee company were duly filed during....

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....ronting with the findings of these inquiries to the assessee for a rebuttal and clarification. 3.9. AO has relied upon the statement of Sh. Rajesh Kumar Aggarwal recorded by DDIT (Inv), Unit-IV(1), Kolkata without providing a copy of the said statement for rebuttal and cross-examination of Sh. Rajesh Kumar Aggarwal which is against the proposition of law laid down by the Delhi High Court in CIT vs. Best Infrastructure (India) Pvt. Ltd. in ITA No. 12/2017 vide order dated 01.08.2017. 3.10 AO has relied upon the financial parameters of the investing companies on the basis of field inquiries conducted by Investigation Wing, New Delhi without confronting the findings of such inquiry and providing an opportunity for rebuttal to the assessee ....

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....it is stated by the learned counsel that the Assessing Officer has passed the order without allowing adequate opportunity to the assessee and without confronting the material collected behind the back of the assessee. He stated that the Assessing Officer started inquiry with regard to share capital/share premium only on 18th March, 2015 and completed the assessment on 30th March, 2015. In between, the Assessing Officer issued notice u/s 133(6) to various shareholders. However, whether any communication is received from them or what communication is received has never been confronted to the assessee. Similarly, from the assessment order, it is found that the Assessing Officer has also recorded the statements of some of the shareholders but....