2023 (1) TMI 167

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.... 2. When the case was called for, none appeared on behalf of assessee. A perusal of file shows that the assessee's case was fixed for hearing on various occasions. It also shows that notice(s) for hearing sent to addressee, but returned unserved. It is, therefore, presumed 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 2012-13:- 1. (a) That on the facts and in the circumstances of the case, Ld.ClT(A) is wrong and unjustified in passing order u/s. 250 of Income Tax Act, 1961....

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....tly, assessee's case was selected for scrutiny under CASS by serving of valid/statutory notices u/s. 143(2)/142(1) of the Act to submit the requisite details. Details of, which available at page-2 & 3 of the assessment order. But in response to notice issued u/s. 142(1) of the neither any one appeared nor filed any details requisitioned by the ld.AO. Thereafter, the ld.AO issued summons u/s. 131 of the Act to the directors/share subscribers of the assessee company, but there was no compliance. Ld. AO found that the assessee company had issued shares at Rs. 568400/- with a premium at Rs. 11,66,31,600/- but assessee failed to explain the said sum. Ld. AO found that the assessee intentionally avoided the assessment proceeding and not cooperate....

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....IT(A). 10. 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. 11,72,00,000/- 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 offered income at Rs. 850/- for the AY 20012-13. The assessee company has been able to procure share capital/share premium at Rs. 11, 72,00,000/-. It creates doubt about the genuineness of the alleged transaction as to how such company with no asset and poor track record has been able to procure share capital/share premium totalling to Rs.11,72,00,000/-. The c....