Tribunal upholds adhoc additions on loans & advances, share trading due to lack of evidence. Director's illness considered for appeal delay.

The Tribunal dismissed the appeal of the assessee, upholding the adhoc additions made on loans and advances as well as share trading due to the lack of evidence or calculations provided by the assessee to support their case. The delay in filing the appeal was allowed by the Tribunal considering the director's illness, but the non-appearance of the assessee during the hearing led to the case being proceeded with the assistance of the ld. DR. The additions made by the AO and upheld by the CIT(A) were confirmed by the Tribunal, resulting in the dismissal of the assessee's appeal.

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Issues:
1. Delay in filing the appeal
2. Non-appearance of the assessee during the hearing
3. Adhoc estimated addition on loans and advances
4. Adhoc addition on shares trading
5. Upholding of additions by the CIT(A)

Delay in filing the appeal:
The appeal was filed by the assessee against the order of the National Faceless Appeal Centre, Delhi for A.Y. 2018-19, with a delay of 45 days. The assessee attributed the delay to the illness of the director. The Tribunal allowed the delay, considering it for the ends of justice.

Non-appearance of the assessee during the hearing:
Despite multiple notices issued to the assessee, no one appeared on behalf of the assessee during the hearing. The Tribunal had no option but to proceed with the case with the assistance of the ld. DR.

Adhoc estimated addition on loans and advances:
The AO added an estimated profit of Rs. 17,52,500/- on loans and advances due to non-compliance by the assessee. The CIT(A) upheld this addition. The Tribunal confirmed this addition as the assessee failed to provide any clarification or explanation regarding the profit earned from the loans and advances.

Adhoc addition on shares trading:
An adhoc addition of Rs. 72,500/- was made on share trading of Rs. 72,50,000/- as the assessee did not provide details of the transaction. The Tribunal upheld this addition as the appellant failed to furnish any calculation to prove the actual profit or loss earned from the share transaction.

Upholding of additions by the CIT(A):
The sole issue raised by the assessee was the adhoc addition of Rs. 72,500/- on share trading. The Tribunal held that since the assessee did not provide any evidence or calculation to refute the estimated profit, the addition was upheld. The appeal of the assessee was dismissed, confirming the additions made by the AO and upheld by the CIT(A).

In conclusion, the Tribunal dismissed the appeal of the assessee, upholding the adhoc additions made on loans and advances as well as share trading due to the lack of evidence or calculations provided by the assessee to support their case.

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