2023 (1) TMI 1003

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.... to the Assessment Year (A.Y) 2011-12. 2. The brief facts of the case is that the assessee is an individual. For the Assessment Year 2011-12, the assessee has not filed its original Return of Income. The Assessing Officer has reason to believe that the assessee has carried on transaction in shares of M/s. Swarnasarita Gems Ltd. (Formerly known as Shyam Star Gems Ltd.) to the tune of Rs. 1,49,489/-. However, the assessee has not filed the Return of Income disclosing the above transaction and the same is treated as undisclosed investment under section 69A of the Act. Therefore the assessment was reopened by issuing a notice u/s. 148 on 30/03/2018. In response the assessee did not file the Return of Income. Therefore the Assessing Officer iss....

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....art time Accountant will remain out of station for a very long period, the assessee cannot do away with his statutory duty to respond to the notices and ought to have cooperate in the assessment proceedings. Further the A.O. issued notice on 13/07/2018 fixing the case for hearing on 20/07/2018 which also remained unattended by the assessee. Thus the A.O. passed ex parte assessment u/s. 144 r.w.s. 147 so there is no justification or reasonable cause by the assessee in not responding to the notices issued by the A.O. Therefore the Ld. CIT(A) confirmed the levy of penalty of Rs. 10,000/- and dismissed the appeal. 4. Aggrieved against the same, the assessee is in appeal before us raising the following Grounds of Appeal: 1. The grounds raised....