2015 (6) TMI 1251

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....0/- as against the returned income of Rs.1,30,730/-. The ld. CIT, Delhi V, New Delhi passed an order dated 18.05.2009 u/s 263 and directed the Assessing Officer to make addition of Rs.61,85,419/- to the assessee's income on account of unexplained loans along with any interest claimed on those loans and a further addition of Rs.40 lacs on account of unexplained share capital as the assessee failed to establish before the CIT during the proceedings u/s 263 the identity and creditworthiness of the persons from whom the aforesaid loans and share capitals shown to have been received. Against the order of the CIT passed u/s 263 of the Act, the assessee filed an appeal before the Tribunal. The Tribunal, justifying the order of the CIT Delhi V pass....

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....ed the Assessing Officer to pass the assessment order after providing an opportunity of being heard to the assessee, however, the Assessing Officer passed the order ex-parte. The ld. Counsel submitted that no notice was ever served on the assessee, therefore, there was no occasion for the assessee to appear before the Assessing Officer. The ld. Counsel submitted that additional evidences under Rule 46A of the Act were produced before the CIT (A). The assessee pleaded before the CIT (A) to accept these evidences as the same establishes the genuineness of the transactions done by the assessee and go to the root of the additions made by the Assessing Officer. It was also submitted that since these documents/ evidences had been procured after c....