2025 (11) TMI 1839

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....2. When the present appeal was called for hearing, no one appeared on behalf of the assessee, nor was any application seeking adjournment filed. From the perusal of the record, we find that the notice of hearing sent to the assessee through registered post was also returned unserved. Accordingly, we proceed to decide the present appeal on the basis of the material available on record and after hearing the learned Departmental Representative ("learned DR"). 3. In this appeal, the assessee has raised the following grounds: - "On being aggrieved by the order dated 29.03.2025 passed by the learned Commissioner of Income Tax (Appeals) -54 [hereinafter referred to as the learned CIT(A)] under section 250 of the Income-tax Act, 1961 (&....

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....on under section 132 of the Act conducted in the case of M/s. Overseas Infrastructure Alliance (India) Pvt. Ltd., notice under section 148 of the Act was issued to the assessee on 09.03.2023. In response to the aforesaid notice, the assessee filed its return of income on 05.05.2023 declaring a loss of Rs. 45,65,949/-. Subsequently, statutory notices under section 143(2) and section 142(1) of the Act were issued and served on the assessee. On the basis of the details available on record, it was observed from the ledger of the assessee in the books of M/s. SVC Industries Ltd. that during the year under consideration the assessee made cash payments of more than Rs. 10,000/- per day. Accordingly, the assessee was asked to show cause as to why t....

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....5.06.2020 11,500 Salary of Mr. Sanjay Agrawal, employee of SVC Industries. Details of the same are enclosed as Annexure 2. 3. 25.06.2020 10,000 Cash Paid to Megha Travels for SVC Industries. Details of the same are enclosed as Annexure 3. 4. 25.06.2020 10,000 Cash paid to Shri Bankey Bihari for SVC Industries. Details of the same are enclosed as Annexure 4. 5. 06.07.2020 15,000 Cash paid to DPS work for various work to be done of SVC Industries. Details of the same are enclosed as Annexure 5. 6. 21.08.2020 2,00,000 Transfer to SVC Industries for various operation work. The cash would be paid by SVC to different persons for operational purpose. The amount of cash paid to one person would ....