2022 (5) TMI 543

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....ly on 02.02.2021, 12.04.2021, 21.06.2021, 03.09.2021, 22.11.2021 and 10.02.2022 the assessee failed to appear before the Tribunal. The notice issued by fixing the date of hearing as 05.05.2022 has been returned with the endorsement "left". Since the appeal is pending from 2017, we are constrained to decide the matter after hearing the learned DR. 3. Brief facts of the case are that, the assessee had filed his return of income for the assessment year 2013-14 on 29/12/2013 declaring loss of Rs. 1,89,26,397/-. The return was processed u/s 143(1) of the Act. Subsequently, the case was selected for scrutiny under CASS. Accordingly, notice u/s 143(2) of the Act had been issued. Assessment proceedings had been initiated against the assessee, whic....

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....Officer has passed well reasoned assessment order based on the Investigations. Learned DR has drawn our attention to the assessment order and relied on the following findings of the Assessing Officer: "During the previous year, the assessee had received share application money wroth Rs. 4.5 crore from 4 share applicants as below:- Sr. No. Share applicant Number of Shares Face value per share (Rs) Premium per share (Rs) Share application money (Rs) 1 Omnipresent Credits Pvt. Ltd. Shop No. 465, 2nd Floor, Agarwal Chamber-III, 26VS, Block Shakarpur, Delhi-110092 (PAN AAACO1229Q) 16,667 10 140 25,00,000 2 Telic Finvest Pvt Ltd 2650/2, 1st floor, Gali Raghunandan, Naya Bazar, Delhi- 110006 (PAN AAACT3771C) 54,667 1....

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....s show caused vide letter dt 29.02.2016 as to why the share capital introduced worth Rs 4.5 Cr may not be added u/s 68 of the IT Act' 1961 on the basis of findings of the reports and compliance was fixed for 7.03.2016. On 8.03.2016, the assessee attended and requested for adjournment. Vide noting sheet entry dt 8.03.2016, the assessee was given adjournment for 11.03.2016 and was again given show cause as to why the share application money worth Rs 4.5 Cr may not be treated as unexplained cash credit u/s 68 of the IT Act'1961 in case no reply is received from the assessee on the said date and matter shall be decided on basis of material available on record. On the said date i.e. on 11.03.2016, the neither filed any reply nor he attended the ....