2022 (11) TMI 532

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..... 213,369,500/- u/s. 68 of the Income-tax Act, 1961 ( hereinafter, referred to as the 'Act' ) on account of unexplained share capital and premium. 3. The brief facts of the case are that during the assessment proceedings the ld. Assessing Officer ( in short, 'AO ) noticed that the assessee company had claimed to have received a sum of Rs.1,05,06,539/- on account of share capital with face value of the share at Rs.1 each, and premium of Rs.20,28,62,961/- totaling Rs. 21,33,69,500/- during the financial year under consideration. 4. Since the identity of the assessee as well as the identity and creditworthiness of the share subscribers and genuineness of transaction were not verifiable from the documents on record, therefore, the ld.AO i....

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....on. The ld. CIT(A) also noticed that the assessee company which was a private limited company, has no track record or asset base, is asking for astronomically high premium per share defying all commercial and financial prudence and logic. He also observed that there was no noticeable business activity or book value/Earning per share which could justify the very high share premium. The ld. CIT(A) relying upon various case laws dismissed the appeal of the assessee. 6. Being aggrieved by the aforesaid order of the ld.CITA), the assessee has come in appeal before us. 7. Earlier notice for hearing on 16.8.2022 was sent to the assessee through Regd. Post (RPAD) as well as electronically on email address in Form No. 36. However, no one appea....

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....llant. In the interest of justice, let the I notice be again sent through RPAD and email for 27th September 2022." Thereafter, the notice was again sent through email as well as registered post. However, the same has been received back unserved with the report of postal authority 'address absent'. Shri Abhishek Bansal, FCA, has appeared on behalf of the assessee appellant and filed paper book, copy given to the Ld. D.R. Though as per the report of postal authority, the assessee was not available at the given address whereas the appearance of the Id. counsel for the assessee suggests that the assessee, on the one hand, wants to contest the appeal on merits but at the same time identity and address of the assessee is not veri....

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....Counsel for the assessee was present in the Court. He was asked about the status of the compliances of the directions of the Bench to furnish name, address, identity proof of the assessee to which, Shri Abhishek Bansal, Ld. Counsel for the assessee submitted that he had informed the assessee about the aforesaid directions of the Tribunal vide order dt. 27- 09-2022, but the assessee has not supplied the above details and has further instructed not to furnish any such details before this Tribunal or to pursue the matter before this Tribunal. 11. In this case as noted above, the ld.AO had also asked the assessee to file the proof of identity, PAN card of the directors of the assessee company and also list of the companies where the aforesai....