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TMI Blog2012 (6) TMI 591X X X X Extracts X X X X X X X X Extracts X X X X ..... see for condonation of delay rejected - 270 of 2010 - - - Dated:- 7-9-2010 - ADARSH KUMAR GOEL, AJAY KUMAR MITTAL, JJ. JUDGMENT Ajay Kumar Mittal J.- 1. This appeal under section 260A of the Income-tax Act, 1961 (for short "the Act"), has been filed by the assessee against the order dated May 29, 2009, passed by the Income-tax Appellate Tribunal, Chandigarh Bench "A", Chandigarh (in short "the Tribunal") in I.T. A. No. 333/Chandi/2009, in respect of the assessment year 2003-04. 2. The assessee has claimed that following substantial questions of law arise in this appeal : "(i) Whether on the true and correct interpretation of the provi- sions of sections 249, 250 of the Act the decision of the Commissioner of Inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Act at the business premises of the assessee certain books of account and other records concerning the business were seized. As per the appellant's case, a term loan in the sum of Rs. 665 lakhs had been sanctioned in its favour, by the Haryana State Industrial Development Corporation Ltd. (HSIDC) out of which a sum of Rs. 421 lakhs was paid and the remaining was cancelled as there was some dispute between the two sides over the terms for the release of the loan against the sanctioned terms and conditions. During the course of assess- ment proceedings, it was intimated that Arun Ummat, i.e., the director of the appellant-company was not in a medically fit condition to attend the proceedings. The assessment was completed under section 144 r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s filed. A further opportunity of being heard was provided to the assessee fixing the hearing on January 16, 2006. As this notice too remained uncoupled with, fresh opportunities were given fixing the hearing on January 31, 2006, and March 3, 2006, which too evoked no response. The above sequence of events clearly show that the assessee has no intention of complying with the notices issued to it for filing return of income and get the assessment proceedings finalized. Therefore, in view of the circumstance explained above and in the absence of any specific reply to the points raised in the questionnaire, I am left with no other alternative but to frame the assessment under section 144 read with section 153A to the best of my judgme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 24,99,000 in the case of Sh. Arun Ummat, director in the assess- ment year 2003-04, vide my appellate order dated February 2, 2009, in Appeal No. 102/08-09. In my opinion, the addition should be made on substantive basis in the hands of the company as the company is an independent assessee. Whatever deposits have been found in the bank account of the assessee-company, the same are to be explained by the company. Even though the assessee is single handedly managing the affairs, yet the shares of the company are held by other share holders also. Therefore, the company becomes independent entity. Thus, this ground of the assessee is dismissed." 9. When the matter came up for consideration before the Tribunal, the order of the Commission ..... X X X X Extracts X X X X X X X X Extracts X X X X
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