2021 (7) TMI 799

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....aring of the case was adjourned due to non availability of the assessee and request of the assessee through application. On the last date of hearing i.e. 5th July 2021, the hearing was again adjourned at the request of the assessee and last opportunity was granted. Despite the last opportunity granted to the assesse neither anybody appeared on behalf of the assessee nor any adjourned application is filed. Accordingly, the appeal was taken up for hearing and adjudication exparte. 3. The assessee has raised the following grounds in this appeal. "1. BECAUSE proceedings under section 147 have neither validity initiated nor conducted in accordance with the provisions of law and the assessment order dated 16.03.2016 as has been impugned in thi....

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....ellant for his livelihood. 7. BECAUSE for the ground n.o. 5 & 6 above, the appellant was prevented from appearing and representing the facts of his case before the Assessing Officer, so due alleged non-compliance an exparte order was passed by Assessing Officer and a huge addition of Rs. 43,87,320/- was made in his hand. 8. BECAUSE sum aggregating to Rs. 19,66,687/- forms part of the alleged deposits in bank account, ownership of which itself is in dispute, addition of Rs. 1,57,335/- (8% of 19.66.687) on such deposits is wholly erroneous on facts of the case. 9. BECAUSE without prejudice to all the grounds as has been raised above, the Assessing Officer has erred in law and on facts in adopting a pick and choose method for assessin....

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....by Assessing Officer has not been furnished by assessee. Neither requisite details nor books of accounts were produced by assessee during the course of assessment proceedings. Consequential, the Assessing Officer has made addition of Rs. 42,29,985/- on account of unexplained deposit in the bank account as well as Rs. 1,57,335/- towards income from transactions carried out by assessee on 'Multi Commodity Exchange' (MCX) by applying net profit rate at 8% on the receipt of Rs. 11,66,687/-. The Ld. DR has pointed out that the Assessing Officer has obtained the necessary details and information from M/s. Karvy Commtrade Ltd. (Broker Hyderabad) by issuing notice u/s 133(6) of the I. T. Act and based the said information the Assessing Officer has ....

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....rding addition made by Assessing Officer on account of cash deposit made in the bank account by assessee as well as the estimation of income on the transactions carried out with the 'Multi Commodity Exchange' (MCX). The assessee has not appeared before the Assessing Officer during the assessment proceedings and the assessment was completed u/s 147 r.w. 144 of the Act. The Assessing Officer has issued various notice u/s 142(1) calling the assessee to furnish the requisite details and record however, the assessee did not comply with the notice issued by Assessing Officer. The Assessing Officer then sought information by issuing notice u/s 133(6) of the Act to M/s. Karvy Commtrade Ltd. (Broker Hyderabad) through which the assessee has carried ....