2022 (5) TMI 154

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....e assessee at the time of hearing despite service of notice. A perusal of the ordersheet entries shows that this appeal is getting adjourned from time to time due to non-appearance of the assessee. Therefore, this appeal is being decided on the basis of material available on record and after hearing the ld. DR. 4. Facts of the case, in brief, are that the assessee is an individual and filed her return of income on 17.12.2014 declaring total income of Rs.9,24,420/- after claiming deduction of Rs.1,07,210/-under chapter VI-A. The return was selected for scrutiny under CASS and statutory notices u/s 143(2) and 142(1) of the Act were issued and served upon the assessee. During the course of assessment proceedings, the AO noted that the assesse....

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....d Pharma Ltd. was a company with issued / paid capital of 11,79,500 equity shares till 28.08.2012 when the preferential allotment of shares was made. The Assessee invested Rs. 1,68,000/- on 26.09.2012 for the purchase of 28000 shares @ Rs.6/-. ii) The prices of M/s Lifeline Drugs and Pharma Ltd. Jacked up to Rs. 186.84 in the span of 18 months. The hike in The prices of the shares was not supported by the fundamentals of the company. The increase was nearly 31 times. iii) M/s Lifeline Drugs and Pharma Ltd. did not have any fixed assets or plant & machinery. Most of the assets were either investments or loans and advances. The price movement upward and downward was sharp after the investment and sale of the shares. There was thin volum....