2019 (2) TMI 1317

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.... (Appeals)-2, Hyderabad, dated 31/03/2017 is against law and facts of the case and ought not to have dismissed the appeal of the appellant having regard to the facts of the case. 2) The Learned Commissioner of Income Tax (Appeals)-2, ought not to have dismissed the appeal for non-prosecution of the appeal as the appearance could not be caused on account of factors which are beyond the control of the appellant. 3) The Learned Commissioner of Income Tax (Appeals)-2, ought not to have confirmed the addition of Rs. 16,40,50,000/- on account of receipt of share application money as the appellant discharged the primary onus of proving said credits by filing confirmation letters from respective parties. 4) The Learned Co....

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....e of nine investors, assessee filed confirmation letters from them specifying the nature and source of investment, in each of the letters. Assessee could not produce confirmation letters from the remaining investors for want of adequate opportunity. 4. A.O did not accept the investment in the cases of the nine persons who filed confirmation letters on the ground that the assessee did not file copies of their (investors) bank accounts and Income Tax Returns in support of confirmation letters. And in regard to other nine investors, addition has been made for want of confirmation letters. 5. Disallowance of expenditure of Rs. 70,275/- incurred to maintain the status of the company for compliance with statutory provisions rela....

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....on of the same. 2. Brief facts of the case are that, assessee-company filed its return of income for the AY. 2013-14 on 14-03-2015 admitting NIL income. The case was selected for scrutiny under CASS. Notice u/s. 143(2) of the Income Tax Act [Act] dt. 18-09-2015 was issued and duly served on the assessee. During the course of assessment proceedings, the representatives of the assessee appeared from time to time and furnished information called for but did not produce the books of account. After examination of the information furnished, the Assessing Officer observed from the FY. 2012-13 that the assessee received share application money pending allotment to an extent of Rs. 16,40,50,000/- from various parties. Assessee was therefore asked....