TaxTMI 
TaxTMI 
2019 (2) TMI 801
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....s failed to submit confirmations from the said parties during the course of assessment proceedings. CIT(A) erred in ignoring the decision of Hon'ble High Court of Delhi in the case of Nova Promoters and Finlease Pvt. Ltd. and in the latest judgment in the case of CIT vs N.R. Portfolio Pvt. Ltd. respectively, the jurisdiction High Court have decide the same issue in favour of revenue." (ii) "The appellant craves, leave or reserving the right to amend modify, alter, add or forego any ground(s) of appeal at any time before or during the hearing of this appeal." 2. Brief facts of the case are as under. Assessee filed its return of income on 15/12/09 declaring 'nil' income. Case was processed under section 143(1) of I.T. Act, 1961 (the Act) ....
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....ores. As none on behalf of assessee came forward to explain the credit entries Ld.AO made addition amounting to Rs. 3.52 crores in hands of assessee as income from undisclosed sources. 3. Aggrieved by order of Ld. AO assessee preferred appeal before Ld. CIT (A) who deleted the addition. 4. Aggrieved by order of Ld. CIT (A) revenue is in appeal before us now. 5. At outset none appeared on behalf of assessee. Looking into fact that this appeal has been kept pending since 2014, same is taken up for adjudication. 6. Ld. Sr.DR placed reliance upon orders of Ld.AO and submitted that assessee failed to discharge its onus of explaining entries in bank statements which showed several cash deposits. She submitted that specific queries were raise....
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....tly genuineness of transactions under section 68. 9. Ld.AO has recorded that balance sheet reveals receipt of share application money by assessee amounting to Rs. 3,52,50,000/- during year, which was forwarded to its sister concern M/s Anjani Steels Ltd as share application money. The alleged share-subscribers invested in cash. Ld.AO served notice to directors of assessee under section 131 but there was no compliance in respect of same. Ld.AO due to non-compliance carried out his own search with the ROC and from the company master detail it is observed that as on the date of investigation share application money of assessee was Rs. 2.5 crores as and paid-up capital was Rs. 1 lakh. A copy of the master detail has been reproduced in assessme....
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....tors of assessee, was also not answered. In our view Ld.CIT (A) has also not himself verified any documents filed by assessee even though he has coterminous powers with that of Ld. AO. No enquiries has been made by Ld.CIT(A) regarding whether shares were issued to alleged share applicants as Master details of assessee reproduced in assessment order shows paid up shares to be 1 lakh. 11.1. In our view Ld.CIT(A) failed to find out nature of transaction. Merely on basis of Ration Card, Share Application forms, Voter ID etc. Ld.CIT(A) deleted addition. We thus reverse the order of Ld.CIT(A) as same has been passed without proper verification of facts as per law. 12. Under such circumstances we deem it fit and proper to set aside this issue ba....