2022 (5) TMI 597

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....JUDICIAL MEMBER This is an appeal filed by the assessee against the order dated 21.12.2018 of learned Commissioner of Income-Tax (Appeals)-9, New Delhi for the assessment year 2014-15. 2. Before we proceed to decide the appeal, it is necessary to observe, when the appeal was called for hearing, none appeared on behalf of the assessee. 3. On perusal of record, it is noticed, when the appea....

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.... The dispute in the present appeal is confined to addition of Rs.2.2 crores made under Section 68 of the Income-Tax Act, 1961. 7. Briefly, the facts are, assessee is a resident company. For the assessment year under dispute, assessee filed its return of income on 31.03.2015, declaring total income of Rs.55,15,440. In course of assessment proceedings, while verifying the audited balance sheet, a....

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....e entire loan amount of Rs.2,25,00,000 as unexplained cash credit under Section 68 of the Act and added back to the income of the assessee. Though, assessee contested the aforesaid addition before learned Commissioner of Income-Tax (Appeals), however, he sustained the addition made by the assessing officer. 8. We have heard the learned Departmental Representative and perused the material on rec....

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....uments and must be internally available with the assessee. The assessee has not furnished any satisfactory explanation why such documents could not be furnished in course of assessment proceedings. As rightly observed by learned Commissioner (Appeals), assessee cannot adduce any additional evidence as a matter of right. The assessee has to explain satisfactorily why such evidence could not be furn....