2022 (9) TMI 573

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...., which in turn arises out of assessment order passed u/s. 143(3) of the Income-tax Act, 1961 (in short, the 'Act') by ITO, Ward-2(1), Guwahati on 29/12/2016 for the A.Y. 2014-15. 2. When the case was called for, none appeared on behalf of the assessee. On perusal of records shows that number of opportunities have been given to the assessee, but there is no compliance. It seems that the assessee is not interested to pursue this appeal. Therefore, we decided to adjudicate/dispose off the appeal filed by the assessee with the assistance of the Ld. DR and material available on record. The ld. DR vehemently argued in support of the orders of the lower authorities. 3. The assessee has raised the following grounds:- 1. That....

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....exercising his power to enhance the assessed income of the Assessee Company by the sum of RS. 3,70,00,000. 6. That the learned Commissioner of Income Tax (Appeals), Guwahati-1, Guwahati erred in making addition of the share application money of Rs. 3,70,00,000 in disregard of the binding judgments of Hon'ble Apex Court, Hon'ble Jurisdictional High Court and the Hon'ble Jurisdictional ITAT which directly lays down ratio on the merits of the addition of share capital under section 68 of the Income Tax Act, 1961. 7. That the learned Commissioner of Income Tax (Appeals), Guwahati-1, Guwahati had misdirected himself in law in making addition of the sum of Rs. 9,33,58,000 and Rs. 3,70,00,000 as unexplained cash credi....