2022 (9) TMI 68

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.... CIT ] - D. R. ORDER PER YOGESH KUMAR U. S., JM This appeal is filed by the assessee for assessment year 2012-13 against the order of the ld. Commissioner of Income Tax (Appeals)-33, New Delhi, dated 11.05.2017. 2. The assessee has raised the following grounds of appeal : - "1. That the Id. CIT(A) has erred in the eyes of law and facts of the case by confirming addition u/s 68....

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.... relevance of findings of investigation in its order. 5. That the Id. CIT(A) and AO erred in the eyes of law and facts if the case by ignoring the ratio of hon'ble Jurisdictional high court judgements and Apex court's precedents applicable on the facts of the case. 6. That the appellant craves leave to add, amend or alter any of the grounds of appeal." 3. None appeared for....

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....ey have dummy directors, exist only on paper, have no other business activity and consequently no profit making apparatus, no sources of income or accumulated profits from which they will generate the capacity to heavily invest in the shares of a fragile company. The companies do not demonstrate any profit motive in the context of the impugned transactions. Further, various other factors raise sev....

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....r conclusion was not possible for the Assessing Officer. 9.8. I have no hesitation in holding that any attempt to intervene with the conclusion arrived at by the Assessing Officer is Unnecessary, Undesirable, Unwarranted and Unproductive. 1 find no need to interfere with the action of the Assessing Officer." 7. The above finding of the Ld.CIT(A) is well reasoned, the assessee has not a....