2022 (12) TMI 789

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....e turned up on behalf of the assessee. The assessee has not filed any paper book or written submission. It seems that the assessee is not interested to pursue this appeal. We, therefore, deem it proper to adjudicate the appeal on the merits of the case ex-parte qua the assessee on the basis of material available on record and with the assistance of the ld. DR, the assessee has raised the following grounds of appeal for assessment year 2012-13: "i. That under the facts & circumstances of the case, the ld. CIT(A) erred in passing order ex-parte. ii. That under the facts & circumstances of the case, the order u/s 144 of the Income Tax Act, 1961 passed by the AO is bad in law. iii. That under the facts & circumstances....

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....ty premium of Rs. 22,29,88,450/- since there was no compliance on the part of the assessee in response to notice u/s 143(2) and 142(1). The ld. AO did not get the details of share holders and their names, therefore, he could not be able to identify the subscribers of the share capital of the company, genuineness of their transaction and their creditworthiness could be verified. Therefore, the ld. AO viewed that genuineness of transaction remain unexplained, the entire amount of Rs. 23,51,00,000/- which includes Rs. 1,21,11,550/- of fresh share capital and Rs. 22,29,88,450/- of premium thereon which the assessee had shown under the head of share capital & reserve, in the books of the assessee and the ld. AO viewed that such amount of share c....

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....f Rs. 1,120/- for A.Y. 2012- 13 and even in such circumstances that the assessee company has been able to procure share capital and share premium of Rs. 23,51,00,000/-. As the assessee failed to appear before the AO and assessee did not produce the alleged share holder before the AO for identity, creditworthiness and genuineness of the transaction. Even after providing sufficient opportunity, no submission was made either before the ld. AO and ld. CIT(A) nor before us in this regard. The assessee was asked to explain the cash credit 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/cash creditors as well as genuinenes....