TaxTMI 
TaxTMI 
TaxTMI 
2021 (5) TMI 781
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....15-16. 2. In this case, assessment order was passed u/sec. 143(3) r.w.s. 144 of the Act. Though while issuing statutory notices, several opportunities of being heard were provided to the Assessee by the AO, however the Assessee failed to avail such opportunities and neither filed any documents in support of its case, nor made any compliance to the notices sent by the AO and therefore, on the basis of material available i.e. bank statements received from the banks of the Assessee and AIR/CIB data, the amount of Rs. 29,75,000/- was added as income of the Assessee by treating as unexplained investment in shares u/sec. 69 of the Act, by the A.O. 3. The Assessee challenged the said assessment order on the following grounds before the ld. Commi....
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.... such as books of account, bank accounts, property documents, details of derivatives transactions, etc., but the appellant willfully chosen not to furnish the information called for. A final opportunity letter was given to the appellant vide a show cause letter dated 10-10-2017 by the AO requesting to furnish source for Investments in the shares but there was no response from the appellant. In this back ground the contention of the appellant that addition was made without giving any notice is devoid of truth. Hence, this ground of appeal is dismissed. Ground No.3 The appellant contends that show cause notice was not served on the appellant proposing addition of Rs. 29,75,000/ During the course of appellate proceedings, the Ld AR also ar....
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....stant appeal and during the pendency of this appeal, filed a petition dated 18/06/2019 under Rule 29 of the Income Tax (Appellate Tribunal) Rules, 1963 (hereinafter called as the 'Rules') for admission of additional evidence. 5.1 The ld. AR emphasised that the evidence for which the permission is sought for admission, is very much important to substantiate its case as otherwise the Assessee would be put to lot of hardship. The Assessee also contended and filed its affidavit to the effects that the Assessee though made the investment in Sharekhan Ltd., however, during the assessment proceedings could not produce the supporting evidence with regard to the sources for the investment qua the amount borrowed from Kotak Mahindra Bank Ltd., Fulle....