2026 (9) TMI 1535

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....essee in spite of repeated calls. From the details, we notice that summons/notice of the case were issued on the address supplied by the assessee himself in Form 36 through speed post and also through email but in spite of that none appeared on behalf of the assessee. Therefore while drawing inference under the General Clauses Act, we proceed the assessee ex parte. 3. On the other hand, the Ld. DR present in the Court is ready with the argument; therefore, we have decided to proceed with the hearing by proceeding the assessee as ex parte. 4. We have heard Ld. DR and perused the material placed on record and also the orders passed by the Revenue Authorities. From the records, it is noticed that the assessee has raised claim of exempt L....

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....onsistently held that in cases involving abnormal price rise unsupported by fundamentals, the Assessing Officer is justified in drawing an adverse inference despite the existence of contract notes or dematerialised transactions. Documentary compliance alone does not preclude examination of the genuineness of the transaction when other surrounding indicators point toward accommodation-entry arrangements. In the present case, the chain of events, coupled with the findings emerging from investigation reports relating to the scrip and similar entities, does not satisfactorily establish that the long-term capital gain declared by the assessee represents a genuine and independent market-driven transaction. On a cumulative consideration o....