TaxTMI 
TaxTMI 
2010 (1) TMI 763
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....ppeal of the revenue and cross objection of the assessee ex parte qua the assessee because the notice has been sent to the assessee at the address given by him in the cross objection and this notice has not come back as un-served and hence the service of notice is presumed as served and in spite of this, none appeared on behalf of the assessee on the appointed date of hearing and hence we decide this appeal of the revenue and cross objection of the assessee ex parte qua the assessee. The cross objection of the assessee is dismissed for want of prosecution by the assessee by following the ratio laid down in the case of Hon'ble Madhya Pradesh High Court in the case of Tukojirao Holkar v. CWT 223 ITR 480 (MP) while dismissing the reference mad....
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.... has erred in deleting the addition of Rs.20,00,000/- made by the Assessing Officer u/s 68 of the Act on account of unexplained cash credits and Rs.10,000/- on account of commission paid from undisclosed sources ignoring the fact that:- a) the assessment order passed by the Assessing Officer is based on information received from the Investigation Wing of the Department that the assessee company has received bogus entries amounting to Rs. 20 lakhs from different entry operators. b) The Assessing Officer has based on the assessment by relying upon the statement of Shri HS Mallick, Director in many companies engaged in providing entries, recorded by the Investigation Wing who deposed that the companies were not doing any ac....
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....mpany has received the share application money were mentioned by entry operators in their statements. It is also noted by the Assessing Officer that they have all admitted that al these companies/firms etc, were engaged only in providing accommodation entries. The Assessing Officer held that this amount of Rs.20 lakhs stated to be received by the assessee from these companies as share application money is un-accounted money of the assessee and he made an addition of the same in the hands of the assessee u/s 68 of the Act. The Assessing Officer also made addition of Rs.,10,000/- being commission alleged to have been paid by the assessee for obtaining these entries @ 50 paise on per Rs.100/- entry taken by the assessee. In this manner, the As....
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....Officer should have allowed an opportunity to the assessee to cross examine Shri SH Malick, Ld. CIT(A) was not justified in deleting the addition and he should have restored back the matter to the file of the Assessing Officer for a fresh decision after allowing the opportunity to the assessee to cross examine Shri S.H. Mallick. It was his submission that in the interest of justice, the matter may be restored back to the file of the Assessing Officer for de novo assessment. 9. We have heard the submissions of Ld DRand have gone through the material available on record. We find that a request was made by the assessee before the Assessing Officer for providing an opportunity to cross examine Shri SH Mallick on 18.12.2008 i.e. at the....