2022 (8) TMI 209

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....nt appeal. We are satisfied with the reasons assigned in the affidavit filed in support of the condone delay application. Accordingly, the delay in filing the appeal is condoned. The application for condonation of delay is allowed. ITAT/111/2021 This appeal filed by the revenue under Section 260A of the Income Tax Act, 1961 (the Act, for brevity) is directed against the order dated 9^th November, 2018, passed by the Income Tax Appellate Tribunal "D" Bench, Kolkata (Tribunal) in I.T.A No. 1141/Kol/2017 for the assessment year 2012-13. The revenue has raised the following substantial questions of law for consideration. i) Whether the Income Tax Appellate Tribunal erred in law in deleting the addition of Rs. 40,24,70,000/- ma....

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....etters were sent to the assessee requesting to the principal officer of the assessee company to appear with the complete set of books of accounts and relevant documents, none had appeared before the Assessing Officer. Further, the Assessing Officer noted that the Directors of the 'share subscribing companies' have not appeared to substantiate their personal identity, the existence, identity, creditworthiness and sources of funds of the subscriber companies to make payment of share application money to the assessee company and the genuineness of the shares subscription transactions claimed by the assessee company were also not established. Therefore, having left with no option, the Assessing Officer completed its assessment. Aggrieved by ....

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....ere available in the assessment file. Be that as it may, the assessee was bound to co-operate in the assessment proceedings. In spite of several notices the assessee did not even care to reply to the said notices nor respond to the notices. Therefore, we are required to examine the correctness of the order passed by the Tribunal on merits. It will be rewarding a person who does not require such an indulgence. Therefore, we are of the considered view that the Tribunal fell in error by stating that the facts are not in dispute. Then the enquiry could not be completed by the Assessing Officer on account of supine interference on the part of the assessee in not co-operating with the assessment proceedings. Therefore, we are of the clear view....