TaxTMI 
TaxTMI 
2021 (2) TMI 1006
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....s of the case as well as law on the subject, the learned CIT(A) has erred in confirming the action of assessing officer in making addition of Rs. 80,00,000/- on account of bogus share capital & share premium u/s 68 of the I.T.Act. 2. It is therefore prayed addition made by Assessing Officer and confirmed by learned Commission of Income-tax (Appeals) may please be deleted. 3. Appellant craves leave to add, alter or delete any ground(s) either before or in the course of hearing of the appeal." 2. Brief facts of the case are that the assessee is a company engaged in business of trading of art silk cloth including processed and manufacturing on job work basis of various processors. The assessee filed its Return of Income fo....
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.... Investigation Wing of Department at Kolkata vide its order date 14.02.2014. The DDIT, Kolkata furnished the report vide report dated 12.03.2014. It was reported in the report that enquiry was initiated and summons were issued to Kumkum Suppliers Pvt. Ltd., Giriganga Sales Pvt. Ltd., at 127, N.S.Road, 1st Floor and Sankat Mochak Mangement Pvt. Ltd., at 35, G.C. Avenue, 2nd Floor, Kolkata and Well wisher Vanijya Pvt. Ltd., 35, G.C. Avenue, Kolkata. Summons could not be served as the Inspector who was deputed to verify the existence of the company could not find out those companies at the given address. The report of DDIT Investigation, Kolkata was confronted with the assessee, the assessee filed its reply on 18.03.2014 and furnished the copy....
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....ssue notice through registered post AD for fixing for hearing on appeal on 23.11.2020. On 23.11.2020, none appeared on behalf of the assessee despite service of notice through RPAD. We again directed registry of the Tribunal to serve the assessee for notice of hearing on 19.01.2021. The notice for hearing fixed on 19.01.2021 was sent through registered post RPAD on 03.12.2020, however, despite the service of notice, neither anyone from assessee company nor any representative appeared nor filed any adjournment application. Therefore, we left no option except to decide the appeal after hearing the submission of Ld.Departmetnal Representative for the Revenue and on the basis of material available on record. 6. The ld.Deartmental Representat....
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....med. 7. We have considered the submission of ld.Departmental Representative for the Revenue and perused the order of Lower Authorities carefully. The Assessing Officer made addition by taking view that commission issued by him to verify the creditworthiness and genuine of transaction of assessee with Investor Company. The DDIT, Investigation Kolkata furnished the report and reported that at the given address no such companies are available. Thereafter, the Assessing Officer issued detailed show cause notice as recorded in para 4.4 of the assessment order. The assessee was asked to substantiate credit worthiness and genuineness of transaction. The assessee filed its reply as recorded in para 4.5 of the assessment order. The assessee in it....