2019 (4) TMI 1764

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....to time. Since, on the last occasion also nobody appeared, therefore, the case was adjourned for hearing to 12th March, 2019. However, today, when the name of the assessee was called, nobody appeared on behalf of the assessee. Therefore, this appeal is being disposed of on the basis of the material available on record and after hearing the ld. DR. 3. Facts of the case, in brief, are that the assessee is a company incorporated on 13th September, 1995 and is engaged in the business of real-estate development. The original return of income u/s 139 was filed on 27th September, 2011 declaring a loss of Rs. 4,237/-. On the basis of a search and seizure operation in the case of SS Group of cases on 8th February, 2013, the case of the assessee w....

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.... that all these five companies are Kolkata based paper companies and they do not have the source to give such huge amount to Manan Mechandise Pvt. Ltd., who, in turn, has transferred the money to the assessee company. Rejecting the various explanations and invoking the provisions of section 68 of the Act, the Assessing Officer made an addition of Rs. 6,35,00,000/- to the total income of the assessee. In appeal, the ld.CIT(A) deleted the addition made by the Assessing Officer. 4. Aggrieved with such order of the CIT(A), the Revenue is in appeal before the Tribunal raising the following grounds:- "1. The order of ld.CIT(A) is not correct in law and on facts. 2. On the facts and circumstances of the case, the ld.CIT(A) has....