2022 (12) TMI 111

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.... perusal of file shows that the assessee's case was fixed on various occasions. It shows that the assessee is not interested to prosecute its appeal. We, therefore, deem it fit and proper to adjudicate the appeal on merits ex parte assessee on the basis of material available on record and with the assistance of the ld. DR. 3. The assessee has raised the following grounds of appeal for the AY 2008-09:- 1. That under the facts & circumstances of the case, the Ld.ClT(A) erred in passing order exparte. 2. That under the facts & circumstances of the case, the Ld.CIT(A) erred In confirming addition amounting to Rs.11,12,00,000/, being the share capital alongwith premium raised by the assessee during the year the same....

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....s taken up u/s. 263 of the Act and order u/s. 263 of the Act was passed on 11-03-2013 holding the above order of the AO as erroneous and prejudicial to the interest of revenue. It was set aside with the direction that the ld. AO should pass fresh assessment order after conducting independent and detailed enquiry in respect of shaer capital/share premium. In pursuance to the said direction, the ld. AO issued notice u/s. 142(1) of the Act, which was not properly served upon the assessee by the postal authority as no such company was located in the given address. However, on 21-03-2014 Miss Megha Goenka A/R of the assessee appeared and filed some details. For looking into the three limbs of section 68 of the Act i.e. to prove the identity, gen....

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....t from filing appeal, the assessee had not made any further efforts to file any other documentary evidence or paper book and written submissions in support of its claim. 10. Nobody has appeared on behalf of the assessee. 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). 11. We have heard the ld. Departmental Representative 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. 11,12,00,000/- by the ld.AO for unexplained cash credits of share capital and share premium received during the year. We notice that the assessee company had off....