2018 (4) TMI 1714

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....hana Poddar Mishra ORDER Per D.N.Patel, J. 1.This Tax Appeal has been preferred by the Department under Section 206 A of the Income Tax Act, 1961 raising the following substantial question of law: "a) "Whether on the facts and in the circumstances of the Case the learned ITAT was justified in confirming the Order of CIT (A) who has deleted the entire addition and had failed to ap....

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....ppears that this case is pertaining to Assessment Year 2005-06. Looking to the Assessment Order dated 27thDecember, 2007, it appears that an addition of Rs. 95,15,000/-has been made mainly for the reason that though this amount pertained to share applications, but, the identity of the applicants remained unverified and the assessee could not give reply in this regard. Order dated 27thDecember, 200....

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....ellate Tribunal , Ranchi Circuit Bench, Ranchi by the Department. The learned I.T.A.T. dismissed the appeal preferred by the Department mainly on the ground that Assessee has not only disclosed, relevant particulars with respect to the shareholders, but, the amount received by the Assessee towards share application was also by way of cheque and the Department could have also followed the bank entr....

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....tion of Rs. 95,15,000/-. 6. It appears that before the Commissioner of Income Tax (Appeals) also such prayer could have been made by the Department for issuance of Notices upon share applicants. No such application was preferred before C.I.T. (Appeals) by this appellant. Hence, we see no reason at this stage to remand the matter to the Assessing Officer for further verification of share applica....