TaxTMI 
TaxTMI 
2023 (7) TMI 1197
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....144 & 143(3) of the Income Tax Act, 1961 (hereinafter referred as to 'the Act') for Assessment Year 2012-13 & 2015-16; respectively. Since, both appeals relate to same assessee, these are heard analogously and are being disposed of by a common order for the sake of convenience. 2. At the time of hearing of the appeal, none appears on behalf of the assessee neither any adjournment has been sought for. It further appears from the records that in past nobody appears on behalf of the assessee neither any adjournment has been asked for so many occasions. Even today, no adjournment application has been filed on behalf of the assessee. Having no other alternative, we have decided to proceed with the matter ex parte. ITA No. 2279/Ahd/2018 - A.Y. ....
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.... details in respect of such claim under Section 37 of the Act was furnished, it was directed further to satisfy that expenditure incurred in the previous year, not of personal nature and the same was wholly and exclusively for the purpose of business or profession. As nothing was forthcoming, entire commission expenses were disallowed treating the same as non-genuine which was, in turn, confirmed by the First Appellate Authority. 6. Before the First Appellate Authority, additional evidences under Section 46A of the Act were filed, upon which, remand report was called for from the Addl. CIT, Range-2(1), Ahmedabad. Upon receipt of the said remand report, the same was forwarded to the appellant for its comment but without any result. However,....
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....;s projects and own project. The Fund raised by S.M. Patel and his personal fund will be invested as per following terms: (4) The investment of party No.1 whatever amount deposited in party No. 2 & in other associate companies, i.e. in company by S.M. Patel (by S.M. Patel personal) The amount of deposit will be payable 10% of every year to borrowers companies i.e. party No. 2. (8) The party No. 2.1 i.e. GCFGL is the company of investment and Finance consultant's company and also investment consultant and Projects Consultant from 1986 and various projects develops in Gujarat and Maharashtra &all over the world. (9) The executive Chairman of party No. 1 from party No. 2, the expertise knowledge of investment & Finance and advocat....
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....party No 2 and if agreement breaks, any party liable for consequences of recovery act both the parties." 7. The Ld. CIT(A) was, however, not satisfied in regard to modus of business and the justification of payment of commission expenses from the submission and documents filed by the assessee. In fact, the complete details of the respective parties to whom the commission was paid and the rate at which commission was paid and the details of service rendered by those parties for which commission was paid was not filed and therefore, the addition made by the Ld. AO was found to be justifiable by the Ld. CIT(A). 8. Upon considering the entire aspect of the matter, we find that the addition made by the Ld. AO and the confirmation of the said ....
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....nvestment made by the assessee though asked for no cogent document was filed. It was further found that the investment has increased by Rs. 64,60,000/- during the year under consideration whereupon show cause was issued to the assessee in reply whereof the following submissions were made: "With regards to asking us to furnish details of Non-Current Investment during the Financial Year are not increase. In view of non current investment are as per submitted as per conformation, and compare with last year Balance Sheet Because non current investment bought forward since 2010-11. So no possibility to additional in Noncurrent addition Rs. 64,60,000/- which should be added to the total income. Further explanation no question to addition requir....
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.... Exports Ltd. shares in earlier years. As regards to investments made in Santilal M Patel UK Investment A/c is concerned, there must be corresponding entries in Liabilites side of Balance Sheet as the assesssee submitted that payment made by Shantilal M. Patel director of the company. But, the assesseee company failed to submit whether source of investment details reflected in books of accounts. 5.5 Since the assessee failed to prove source for investments of Rs. 64,60,000/-, I am left with no option but to treat the source for investments of Rs. 64,60,000/- as unaccounted/unexplained and added to the total income of the assessee. Penalty proceedings u/s 271(1)(c) of the Income tax Act are separately initiated for concealing true particu....