2024 (7) TMI 1094

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....ached this Court challenging, inter-alia, the order dated 22.3.2023 passed by the Income-Tax Appellate Tribunal, "B" Bench, Ahmedabad (for short 'the Tribunal') in ITA No. 270/AHD/2017 for the Assessment Year 2012-13, by raising the following substantial questions of law : "A. Whether the Learned Tribunal was right in law to confirm the addition of Rs. 25,00,000/- being addition to the share capital on the ground that failure of discharge the onus u/s 68 of the Income Tax Act, 1961 though there are sufficient evidence on record to proof the [i] identity [ii] capacity and [iii] genuineness of transactions?" B. Whether the Learned Tribunal was right in law to confirm the addition of Rs. 5,00,000/- being loan taken from Smt. ....

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....(iii) Addition on account of unexplained investment of Rs. 36,00,000/- u/s 69 of the Act. (iv) Addition on account of expenses of Rs. 13,54,000/-: 2.3 Being aggrieved and dissatisfied by the aforesaid order, the assessee preferred appeal before the CIT(A) under Section 246(1)(a) of the Act. However, the CIT(A) was pleased to dismiss the said Appeal vide its order dated 8.11.2016. 2.4 Being aggrieved and dissatisfied by the aforesaid order of the CIT(A), the assessee preferred appeal before the Tribunal which also came to be dismissed by the Tribunal ex-parte vide order dated 22.3.2023. 2.5 Being aggrieved and dissatisfied by the aforesaid, the appellant has preferred this Appeal by raising the aforesaid substantial questio....

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....t and ultimately, prayed for dismissal of the present appeal. 5.1 Mr. Varun Patel further submitted that no substantial questions of law have been raised by the assessee so as to maintain the present Appeal. He, therefore, requested this Court to dismiss the present Appeal. 5.2 Mr. Varun Patel, however, has no objection if the matter is remanded back to the Tribunal, by imposing appropriate cost. 6. We have heard the learned advocates appearing for the respective parties and have gone through the material produced on record. 7. At the outset, it is admitted that the appeal of the assessee was dismissed by the Tribunal ex-parte. It further appears that it is not the assessee who remained negligent towards his statutory rights of ....