2022 (7) TMI 21

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..... Thereafter, the A.O. noticed that assessee had received accommodation entry to the extent of Rs.25 lakhs during the F.Y. 2009-10 from bogus paper companies of S.K. Jain group. The case was, therefore, reopened under section 147 and notice under section 148 dated 23.03.2017 was issued. Thereafter, assessment was framed under section 147/143(3) of the I.T. Act, 1961 vide order dated 07.12.2017 and the total income was determined at Rs.25,50,000/- by making addition of Rs.25 lakhs under section 68 of the I.T. Act, 1961 and Rs.50,000/- u/s 69C of the Act. 2.1. Aggrieved by the order of the A.O. assessee carried the matter before the Ld. CIT(A) who vide order dated 01.02.2019 vide Appeal No.110/18-19 dismissed the appeal of the assessee. ....

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....cord. 4. The case file reveals that the matter was listed on 5 occasions in the past but every time it was adjourned as there was no appearance from the side of assessee. For the date of present hearing, the Department was directed to serve the notice for hearing. The A.O. vide email dated 3rd June 2022 has placed on record the service of notice for hearing but the assessee did not appear on the date of present hearing also. In such circumstances, I, therefore, have no option, but, to decide the appeal on merits, after hearing the Ld. D.R. 5. Before me, the Ld. D.R. supported the order of A.O. and submitted that a search was conducted at the premises of S.K. Jain group of cases resulting in discovery of large number of incriminating d....

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....on record. I find that in the instant case the A.O. noted that assessee has received share capital/premium from M/s. Attrative Finlease P. Ltd., to the tune of Rs.25 lakhs which has been treated as unexplained credit and added the same to the income of the assessee under section 68 of the I.T. Act, 1961. The Ld. CIT(A) after examining the matter had confirmed the order of the A.O. I find that in the instant case the assessee has failed to meet the three ingredients of section 68 of the I.T. Act, 1961 i.e., identity of Investor/Creditor, creditworthiness and genuineness of the transaction in the matter. Therefore, considering the totality of the facts and circumstances of the case, it is clearly proved that assessee has not discharged its in....