TaxTMI 
TaxTMI 
2022 (9) TMI 978
X X X X Extracts X X X X
X X X X Extracts X X X X
....ed 24/12/2018 was dismissed. Therefore, assessee is aggrieved and has preferred this appeal. 02. Assessee has raised following grounds of appeal:- "1. That the Ld. CIT(A) has erred in law and on facts and circumstances of the case in passing on Ex-parte order confirming the addition made by the Assessing Officer. 2. That the Id. CIT(A) has failed to appreciate that the address of the appellant company had changed and no correspondence of the Income Tax Department was received on changed address and therefore there was no deliberate default on the part of the appellant. 3. That without prejudice the Ld. CIT(A) is not justified in confirming the order of the Assessing Officer by holding that Ex-Parte order u/s 14....
X X X X Extracts X X X X
X X X X Extracts X X X X
....there was information received from the Deputy Director of income tax (investigation Wing) wherein assessee was operating a bank account with ICICI bank Ltd at Lucknow wherein it was found that assessee company is merely a paper company, as there is no business activity carried on by this company and assessee company is managed and controlled by the director and key persons of 'Sahara group' and for the same reason the companies are having registered office in Mumbai but bank accounts are opened in Lucknow and all the accounts are used for parking of the funds. On perusal of the return of income, the learned AO noted that assessee has subscribed paid-up capital along with share application money of Rs. 1,822,550,440/- and a meager income. T....
X X X X Extracts X X X X
X X X X Extracts X X X X
...., Goregaon, Mumbai 400104. There is a change in the address from the appeal before the learned CIT - A and the time the appeal was filed before us. We also note that assessee has filed return of income, but notices u/s 148, and 142 (1) of the act, show cause notices were not at all responded. Further, the learned CIT - A also issued 4 notices which was served on the assessee as per paragraph number 4.1 of his order, none appeared before him. Same are the fate of notices sent by us. Therefore, the conduct of the assessee shows that it wants to agitate the issue but do not want to remain present to persue those appeals. As there is no other alternative left with us, the appeal of the assessee is decided on the merits of the case as per inform....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ing officer in assuming jurisdiction u/s 147 of the income tax act. The learned assessing officer has a tangible material, return of income of the assessee was not picked up for scrutiny, the return of income was examined before the issue of notices, belief entertained by the assessee is of a reasonable person and therefore, reopening is upheld. No infirmity is found in the order of the learned CIT - A in confirming the same. Therefore, ground numbers 1 - 4 of the appeal are dismissed. 08. The ground number 5 and 6 are with respect to the merits of the addition of Rs. 1,822,550,440/- u/s 68 of the Income Tax Act. The assessee also challenges that the learned CIT - A did not afford proper opportunity. We find that the learned assessing of....
X X X X Extracts X X X X
X X X X Extracts X X X X
....m all these three companies are transferred to the Sahara group. All these three companies are managed and controlled by the directors and persons of Sahara group. For this reason, the companies are registered in Mumbai, but their bank accounts were operated from Lucknow. This coincidence is further corroborated from the fact that now the assessee in form number 36 has given its address which is also at Sahara India point. The company does not have any net worth but amount advanced to Sahara group. Therefore, it is a clear ploy to transfer the money to Sahara group through this shell companies. The information mentioned in the email column of form number 36 is also irrelevant. Form number 36 is also not verified by the managing director of ....