2025 (2) TMI 1632

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....er Section 143(3)/144 of the Act for the Assessment Year (A.Y.) 2011-12, whereby and where under, appeal preferred by assessee stood dismissed. 2. At the time of hearing of the matter, none appeared on behalf of the assessee neither any adjournment has been sought for. It appears from the record that previously on many occasions whenever the matter was taken up for hearing, no one appeared on behalf of the assessee in spite of service of notice. Hence, having no other alternative, we have decided to proceed with the matter ex parte. 3. Heard the Learned DR. 4. The brief facts leading to the case are that the assessee is declaring an income of Rs. 2,52,280/- on 28.09.2011. The case was selected for scrutiny assessment through CASS a....

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....nd sold would have been treated as a capital asset and thereby, attracting the provisions of section 50C of the Act and thus, liable to pay tax on the deemed Short-term Capital Gain of Rs. 4.55 crores rather than claiming bad debt of Rs. 70.86 lacs as found by Revenue. It is the case of the Revenue that even in the subsequent year or earlier years, the assessee was never engaged in transaction of purchase or sale of any property. Further that, at the time of survey, no evidence was found that the assessee was engaged in real estate business. The assessee showed the advance it gave against purchase of the property during the preceding year as "other current asset" does not necessarily impart to it the character of a current asset when facts ....