2022 (11) TMI 608

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....ata. 2. When the case was called for, none appeared on behalf of assessee. A perusal of file 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 and adjournment application. 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 2012-13:- 1. That under the facts & circumstances of the case, the Ld. CIT(A) erred in passing order ex-parte.....

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....the assessee company. He accordingly completed/passed the best judgment assessment order u/s. 144 of the Act making addition u/s. 68 of the Act for unexplained share capital and security premium received during the year totalling to Rs. 107,43,00,000/- and also disallowed Rs.4,842/- u/s. 14A of the I.T Act, 1961. 5. Aggrieved, the assessee preferred appeal before the ld. CIT(A) challenging the impugned additions made u/s. 68 of the Act at Rs. 107,43,00,000/-. Apart from filing appeal, the assessee made no further efforts before the ld. CIT(A) to appear and file any other documentary evidence in support of its claim. As the assessee failed to do so, Ld. CIT(A) confirmed the addition. 6. Aggrieved, now the assessee is in appeal before t....

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....urity premium on this share capital at Rs.107,37,62,850/- during the year. Statutory notices u/s. 143(2) & 142(1) of the Act duly served upon the assessee and when the case of the assessee was selected for scrutiny the assessee company having such huge Capital and Security Premium Reserve failed to make any submissions/explanations before the ld.AO. Even after providing sufficient opportunity by ld.AO no submission was made either before the ld.AO nor before ld. CIT(A) and nor before us. The assessee was asked to explain the alleged cash credits of Rs. 107.43 cr. received by it during the year. The assessee failed to file necessary details to explain the source of alleged cash credit and also unable to prove identity, creditworthiness of th....