The assessee had issued shares as premium on preferential allotment. The AO had made inquiry from the shareholders and obtained statements u/s 131.  The Tribunal noted that the copies of the statements recorded u/s 131 were not provided to the assessee. The Tribunal relying on the decision of the Hon’ble Supreme Court in the case of Andaman Timber Industries v  CCE ( 2015)  281 CTR 241 (SC) held that as the opportunity of cross-examination as not given to the assessee, it was gross violation of the principles of natural justice. Thus, the Tribunal remanded the matter back to the AO for fresh assessment. (AY. 2012-13)