M/s. Om Shubham Investment & Finance Pvt. Ltd. Vs. ITO (ITAT Delhi)
Assessee has filed all the relevant evidences before the AO as well as Ld. CIT(A). Before me the Ld. Counsel of the assessee has also filed a Paper Book containing pages 1 to 166 which were also produced before the lower authorities, except the page no. 118 to 162 i.e. copy of written submission dated 28.9.2016 filed before the Ld. CIT(A) and the copies of the case laws. I further find that assessee company has sold its shareholding in various companies and as a result received Rs. 10 lacs, which fact was also duly confirmed by the shareholders by filing direct replies to AO in response to notice so issued (copy thereof attached with the Paper Book at page no. 114 to 117) and earlier replies made to the AO at page no. 52 to 113 of the Paper Book. However, the AO also made the basis for addition for non-production of Directors and non-furnishing their residential address. But in my considered opinion, only on this ground no addition is sustainable in the eyes of law. In view of above and in the interest of justice, I am of the view that the issues in dispute needs to be adjudicated afresh at the level of the AO, after examining all the documents and issuing summon/notices to the shareholders, if necessary and proceed further, as per law. Therefore, the assessee is directed to furnish all the documents/evidences with regard to the issues in dispute before the AO and accordingly AO is also directed to decide the issues in dispute afresh, as per law, after examining all the documents/evidences filed by the assessee and issue summon/notices to the shareholders, if necessary and proceed further, as per law.
