TaxTMI 
TaxTMI 
2022 (10) TMI 536
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.... shows that number of notices of hearing were sent including few through RP/AD, which have been returned unserved by the postal department. Asessee has not filed any paper book or written submissions. It seems that assessee is not interested to pursue this appeal. We, therefore, deem it proper to adjudicate the appeal on merits ex parte qua the assessee on the basis of material available on record and the assistance of the ld. DR. 3. The assessee has raised the following grounds of appeal for the AY 2008-09:- "i. That in the facts and under the circumstances of the case, the CIT(A) is unjustified and unlawful in confirming the order of the ld. Assessing Officer vide ex-parties order. ii. That the ld. Assessing Officer was not justifie....
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....he ld. AO passed an assessment order u/s 147/143(3) on 17.06.2010 determining the total income at Rs. 34,430/-. Immediately after it, ld. CIT u/s 263 of the Act set aside the order passed u/s 148 by the AO. In the light of order passed u/s 263 of the Act, the case of the assessee was fixed and formal notice u/s 142(1) of the Act was issued to the assessee. The ld. A/R of the assessee appeared and submitted the power of attorney. The ld. AO observed that the assessee company has received an amount of Rs. 10,60,50,000/- as share subscription being share capital/share premium from the share-holders. Thereafter, the ld. AO issued notices u/s. 131 of the Act to appear personally along with relevant details/documents for examination/verification ....
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....o place on record. On the other hand, the ld. DR vehemently argued supporting the orders of lower authorities and prayed for confirming the order of ld. CIT(A). 7. We have heard the ld. DR and perused the material placed on record before us. The assessee has challenged the finding of the ld. CIT(A) confirming the addition made u/s. 68 of the Act at Rs. 10,60,50,000/- by the ld. AO for unexplained cash credits of share capital and security premium received during the year. We notice that the assessee company had offered meagre income of Rs. 630/- for the AY 2008-09. The assessee company has been able to procure share capital/share premium at Rs. 10,60,50,000/-. Statutory notice u/s. 131 of the Act duly served upon the alleged directors but ....