2025 (11) TMI 746

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....Year ('AY') 2017-18 and 2018-19 are directed against orders dated 16.06.2022 of the Commissioner of Income Tax (Appeals)-23, New Delhi ['CIT(A)']. 3. There are only one issue raised in each appeal. The sole issue raised in AY 2017-18 is taxability of Rs. 61,20,000/- under section 69 of the Act and the sole issue raised in AY 2018-19 is taxability of Rs. 4,10,00,000/- under section 68 of the Act. 4. The relevant facts giving rise to the appeal of AY 2017-18 are that the assessee had made payment of Rs. 61,20,000/- to a non-resident; namely, D E Shaw Composite Investments Appu (Mauritius) Ltd. as evident from the details in Form 15CA filed by the assessee. However, during the course of assessment proceedings, the assessee not only faile....

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.... not succeed because it did not bring any material before the Ld. CIT(A) to contradict the finding of the Ld. AO as it never ensured any compliance though the Ld. CIT(A), as detailed in para 4 of impugned order, provided 09 opportunities of being heard. Hence, this appeal is before us. 6. This case was scheduled 11 times for hearing since March, 2023. However, neither anyone from the appellant assessee side attended ever nor even adjournment was ever sought. Due to consistent non-prosecution from the appellant assessee side, we have no option except to decide this case after hearing the Ld. Senior Departmental Representative ('Sr. DR'). Accordingly, we proceeded with. We therefore, heard the Ld. Sr. DR at length, who drew our attention t....

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..... DR that the appellant assessee had not discharged its onus to explain the sum of Rs. 61,20,000/- in AY 2017-18 and the sum of Rs. 4,10,00,000/- in AY 2018- 19. According to the section 68 and 69 of the Act, the assessee offers no explanation about the nature and source of the same or explanation offered by him is not found satisfactorily in the opinion of the AO, the said sum may be charged to tax as the income of the assessee of the relevant year. The identity, source of investment, creditworthiness/financial strength of the lender and genuineness of such transactions have to be explained by the assessee. 9. Under sections 68 and 69 of the Act, the burden of proof is on the assessee. However, in both appeals, the appellant assessee ha....