TaxTMI 
TaxTMI 
2022 (11) TMI 521
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....received information that assessee had purchased immovable property amounting to Rs.1,13,86,760/- during the F.Y. 2010-11 & had failed to file the return of income for A.Y. 2011-12. Accordingly, the case of the assessee was reopened u/s 147 of the Act and notice u/s 148 of the Act dated 31.03.2018 was issued and served on the assessee. Notices u/s 142(1) were also issued by AO. AO has noted that assessee filed the return of income in response to notice u/s 148 on 18.09.2018 declaring Nil income. AO has noted that notices u/s 143(2)/142(1) of the Act were issued to the assessee and assessee was asked to furnish the full details of paid up share capital/share application money during the year along with the other details as noted in the notic....
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.... of CIT vs. N.R. Portfolio Private Ltd. in ITA No.134/2012 and other decisions cited in his order concluded that assessee had not discharged the onus cast on it to prove the genuineness of the transaction more so, as all the notices issued to the parties calling for information were returned unserved. AO, therefore, held the amount of share application money of Rs.1,02,00,000/- received by the assessee to be as unexplained and made its addition u/s 68 of the Act. 4. AO, thereafter, noted that since the assessee had arranged accommodation entries to the tune of Rs.1,02,00,000/- in the form of share application money and considering the fact that entry provider receive commission from the beneficiaries @ 2% of the total sum of entry so pro....
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....was required to explain nature and source of transaction with respect to the identity, creditworthiness and genuineness of the transaction for share application money of Rs.1,02,00,000/- received by the assessee and was asked to produce the directors of the company who had subscribed to the share application money but assessee had failed to prove the identity and creditworthiness of the subscribing companies and the genuineness of the transactions. He accordingly, upheld the addition made on account of share application money and also the addition u/s 69C of the Act, being undisclosed expenditure for arranging the accommodation entry for share application money. 8. Aggrieved by the order of CIT(A), assessee is now before us and has raise....
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.... course of appellate proceedings. 9. The case file reveals that the case was listed for hearing on 13th June 2022 but due to the none appearance of the assessee, the case was adjourned to 19th September 2022. While adjourning the hearing to 19th September 2022, the Registry was directed to issue notice through RPAD. The notice of hearing for 19th September 2022 sent through Registered post was returned undelivered by postal authorities with the remarks that "no such person". Assessee was duty bound to inform the change in its address if any but has failed to do so. Further, it has not placed on record any change in its address. In such a situation, we, therefore, proceed to dispose of the appeal ex parte qua the assessee and after hearin....