Matter restored because of absence of necessary verification by AO and non-cooperation by assessee

Bhatia Energy and Minerals Pvt. Ltd Vs ITO (ITAT Raipur) ITAT Raipur held that matter needs to be restored in absence of necessary verification by AO in characterizing share application money as unexplained cash credit u/s 68 and non-cooperation and evasive conduct of the assessee. Facts- During the course of the assessment proceedings, it was observed by the A.O that the assessee company was in receipt of share application money of Rs.25 lac from M/s. Debraj Vincom Pvt. Ltd. As the assessee had failed to substantiate the authenticity of the aforesaid transaction of receipt of share applicatio...