TaxTMI 
TaxTMI 
2023 (2) TMI 148
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.... u/s 144 of the Act dated 31.03.2015. 2. When the case was called for, none appeared on behalf of the assessee. In the past also, on the date of hearing on 11.08.2022 none appeared on behalf of the assessee. Thereafter, on the next date of hearing i.e. 19.09.2022 an e-mail was received seeking a month's time for submitting the paper book. The case was adjourned to 5th December, 2022, but again neither the assessee has appeared through its authorized representative nor any adjournment application or a paper book has been filed. It, prima facie indicates that the assessee is not serious in contesting the instant appeal. We, therefore, decide to adjudicate the appeal on merit with the assistance of ld. D/R and the available records. 3. The a....
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....e submissions made by the assessee as well as considering the remand report issued by ld. AO dated 16.05.2015 partly allowed the appeal thereby sustaining the addition u/s 68 of the Act at Rs. 1.10 Cr being share application money received during AY 2012-13 which remained unexplained by the assessee and also deleted the part of the expenses assessed by ld. AO. 6. Aggrieved, the assessee is now in appeal before this Tribunal with regard to the addition of Rs. 1.10 Cr. confirmed by ld. CIT(A) towards unexplained share application money. 7. Ld. D/R vehemently argued supporting the orders of both the lower authorities and again asserted that the assessee failed to explain the alleged sum. 8. We have heard ld. D/R and perused the records plac....
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....he absence of any submission made by the appellant as regards, source of share application amounting to Rs. 1,10,00,000/-, the addition is confirmed u/s 68 of the Act for the A.Y. 2012-13. After careful consideration of the submission of the appellant, perusal of relevant assessment records and relevant judicial decision, the addition of Rs.12,15,06,500/- is restricted to Rs.1,10,00,000/- as unexplained cash credit u/s 68 of the Act. This ground of appeal partly succeeds and is therefore partly allowed." 9. Before adverting to the facts of the case, we notice that Section 68 of the Act has a direct bearing on the issue raised before us and Section 68 of the Act reads as follows: "Where any sum is found credited in the books of an asses....
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....ld. AO, satisfactory, the sum so credited is chargeable to income tax as the income of the assessee of the previous year. 11. Now, the undisputed fact is that the alleged sum of Rs. 1.10 Cr is received during the year and to explain the source thereof neither during the course of assessment proceedings nor during the appellate proceedings before ld. CIT(A) and even during the proceedings before us, no details whatsoever has been filed by the assessee to explain the alleged sum of share application money. The assessee miserably failed to discharge the primary onus casted upon it as per the provisions of Section 68 of the Act. Identity and creditworthiness of the share applicant and genuineness of the transaction has not been proved. 12. Th....