2023 (8) TMI 73

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....me for A.Y. 2004-05 on 31.03.2005 declaring loss of Rs. 14,127/-. The return of income was initially processed u/s 143(1) of the Act on 29.06.2005. Thereafter, the case of the assessee was reopened by issuing notice u/s 148 of the Act and the reason for issuance of notice u/s 148 of the Act was that the information was received from CEIB which showed that assessee was a fake company and engaged in bringing in bogus Share Capital. During the course of assessment proceedings, AO noticed that during the relevant assessment year, Assessee had raised Share Capital aggregating to Rs. 2,65,10,000/- by issuance shares of Rs. 10 each at a premium of Rs. 90 per share (to the shareholders which are listed at page 2 of the assessment order). Assessee w....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....m No. 36 duly mentioning the new address. Preferring an appeal does not mean merely formally filing the appeal but also taking all the necessary steps to effectively pursue the appeal. The fact that the assessee has not appeared before Tribunal despite various opportunities granted to the assessee shows that the assessee is not serious in pursuing the appeal filed by him and the negligent approach of the assessee. In the absence of any co-operation from the side of assessee, we don't find any reason to keep the matter pending before us. Learned DR also stated that the name of the company has been struck off by Registrar of the Companies, Delhi and in support of it he placed on record the copy of the report downloaded from the net. Consideri....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e remained director in some other company of that group at some point of time. 3. The assessing officer has made an addition on account of bogus share capital and CIT(A)-21, Delhi has decided the case vide order dated 28.04.2011 by dismissing the appeal of the assessee after thoroughly examining and obtaining the remand report from the AO. The CIT(A) has discussed the nature of entries of sources of deposits, naming in these parallel accounts. The following account details of all the entities maintained with ABN Amro Bank (Now RBS) has been prepared while deciding the case by the Ld. CIT(A) - S. No Acc. No. Another A/c. Name A/c open Date A/c Closed Date 1 884461 758797 Avail Financial Services (P) Ltd....