2010 (1) TMI 1227

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....consultant of the assessee Shri Ravinder Mahajan has applied for an adjournment on the ground that he is pre-occupied at Panipat. With the assistance of learned DR, we have gone through the record carefully and find that there is no merit in the appeal of the revenue, therefore, we do not deem it necessary to take assistance of assessee in deciding the appeal. We rejected the adjournment application filed by the learned counsel for the assessee and we proceed to decide the appeal ex parte qua the assessee. 3. The assessment order framed by the Assessing Officer is running into one and half page. It reads as under: "Return declaring a loss of ₹ 16,394 was filed on 28.11.2006. The same was processed u/s.143(1) on 19.11.2007. The....

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....Act. Having regard to the nature of additions, I am satisfied that the assessee has furnished inaccurate particulars of its income. The penal provisions of sec. 271(1)(b) are attracted in this case. Assessed at ₹ 25,00,000. Chare interest u/s.234B, C & D. Penalty proceedings u/s.271(1)(b) and 271(1)(c) are initiated separately". 4. On appeal, learned CIT(Appeals) has observed that sufficient opportunities were given to the assessee but it failed to comply with the notices, therefore, Assessing Officer is justified to frame an assessment under sec.144 of the Act according to his best judgment. However, while dealing with the addition on merit, learned CIT(Appeals) on the strength of two judgments of the Hon'ble Supreme Cour....