2023 (1) TMI 160

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....has not filed condonation petition, but looking to the facts of the case, we condone the delay of 02 days in filing this appeal and admit the appeal for adjudication on merits. 3. When the case was called for, none appeared on behalf of assessee. A perusal of file shows that the case of assessee was fixed on various occasions. It seems 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. 4. The assessee has raised the following grounds of appeal for the AY 2012-13:- 1. For that on the facts of the case the order passed by the Ld. CIT(A)1, Kolkata....

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....g to Rs.1,10,21,100/- were credited/received in the books of account of the assessee from different parties. The ld. AO issued notice u/s. 131 of the Act to the shareholders and directors of the assessee company for verification of said transaction, but there were no compliances. The ld. AO was not satisfied with the genuineness of share capital and share premium & security premium received by the assessee company. He accordingly completed assessment order u/s. 143(3) of the Act making addition u/s. 68 of the Act for unexplained share capital and security premium totalling to Rs.1,10,20,000/-. 7. Aggrieved, the assessee preferred appeal before the ld. CIT(A) only challenging the impugned addition made u/s. 68 of the Act at Rs. 1,10,20,00....

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....to procure share capital at Rs. 5,41,000/- and share premium on this share capital at Rs. 1,04,79,000/- totalling to Rs.1,10,21,110/- It certainly creates doubt about the genuineness of the alleged transaction as to how such company with no asset base and poor financials has been able to procure share capital/share premium totalling to Rs.1,10,20,000/-. When the case of the assessee was selected for scrutiny nobody has appeared either before the ld.AO, ld. CIT(A) even before us. The assessee failed to produce the alleged parties who had subscribed to the equity shares of the assessee company. The assessee was asked to explain the cash credits received by it during the year. The assessee failed to file necessary details to explain the source....