TaxTMI 
TaxTMI 
2022 (8) TMI 120
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....record shows that the ld. CIT(A) passed the impugned order on 13/09/2019, however, the present appeal is filed on 16/12/2016. Thus, there is delay of 12 days in filing the appeal before the Tribunal. 3. The learned authorised representative (AR) of the assessee submits that there is only delay of 12 days in filing the appeal before the Tribunal. The delay occurred due to fact that the assessee has suffered loss in cheque discounting business and left to his native place. On realising that the assessee is required to file appeal against the order of ld. CIT(A), came to Surat again, however, in the mean time, the time period of filing appeal has lapsed. The ld. AR submits that non-filing of appeal within stipulated period was neither intentional nor deliberate nor with melafide intention of the assessee. The ld. AR submits that there is only 12 days delay in filing the present appeal and the Bench may take liberal view and condone the delay in filing the appeal. The assessee is really interested in pursuing his appeal on merit. The assessee has already filed his affidavit for seeking condonation of delay in filing appeal. 4. On the other hand, the learned senior departmental repres....
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....e Assessing Officer noted that despite service of final notice, no compliance was made by assessee. The Assessing Officer, thereafter, decided to complete the assessment under Section 144 of the Act on the basis of information/ material available on record. The Assessing Officer on the basis of information that such action was carried out in Barter Group, Ahmedabad on 04/12/2014 and on subsequent date, documents were seized from secrete office of Shri Anil Hiralal Shah and Atul Hiralal Shah (premises owned by Shri Bhadresh Natwarlal Shah, brother in law of Shri Atul Hiralal Shah) situated at B-406, Wall Street-II, Near Gujarat College, Ellisbridge, Ahmedabad wherefrom loose papers, registers, diaries inventorised and PAN cards, cheque books, original stamp and seal and books of account in tally and digital data were seized as per panchnama dated 06-07/12/2014. The other documents were also recovered indicating funds received in cash and routed in the books of account in the form of share application, share capital and share premium. On such evidences it was revealed that the assessee also made investment of Rs. 5.00 lacs as share capital in M/s Rajendra Suri Financial Services (Guj....
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.... was dismissed and on the CO, the coordinate bench restricted the addition to the extent of 0.15% only. The case of assessee again reopened on the basis of information of investigation wing Ahmadabad that the assessee was made investment of Rs. 5.00 lacs in M/s Rajendra Suri Financial Services (Gujarat) Pvt. Ltd. on account of share capital. Such information was received on the basis of search action carried out on Barter Group, Ahmedabad. The Assessing Officer made addition under Section 69 of the Act. 9. The ld AR for the assessee further submits that before the ld. CIT(A), the assessee filed detailed written submission and submitted that in the reassessment the assessing officer made addition in the income of assessee @ 2% of total credit in the bank account of assessee maintained with Bank of India, Bank of Baroda and Dena Bank. Against the addition of 2.00%, the assessee as well as revenue filed appeal before the Tribunal wherein the assessee raised CO and the Tribunal restricted the addition to 0.15%. The assessee has not made any investment in any kind of share nor introduced any amount in M/s Rajendra Suri Financial Services (Gujarat) Pvt. Ltd. The assessee made discountin....
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.... the assessment year 2011-12, the assessment was reopened under Section 147 of the Act on 27/03/2018. The assessee was served notice under Section 148. No return of income in response to notice under Section 148 of the Act was filed. The Assessing Officer in para 4 of assessment order recorded that despite fixing the date of hearing on more than three occasions, the assessee failed to make any compliance. The Assessing Officer ultimately issued final show cause notice that in absence of any information, assessment will completed under Section 144 of the Act. Despite serving final show cause notice, the assessee failed to make any compliance. The Assessing officer on the basis of evidence and seized material in the search action on Barter Group, Ahmedabad made addition of Rs. 5.00 lacs by holding that the assessee made undisclosed investment in the shares of Rajendra Suri Financial Services (Gujarat) Pvt. Ltd. The ld. CIT(A) confirmed the action of Assessing Officer by holding that the assessee has not furnished any explanation about the investment in Rajendra Suri Financial Services (Gujarat) Pvt. Ltd. 13. Before us, the ld. AR of the assessee submitted that the assessee is in the....