2021 (12) TMI 1027

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..... CIT(A) sustained the addition as the assessee did not appear before her to substantiate the creditworthiness of the directors and the genuineness of the transactions - as assessee submitted that adequate opportunity was not granted by the learned CIT(A) and given an opportunity, the assessee is in a position to substantiate with evidences to the satisfaction of the learned CIT(A) regarding the cre .....

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..... ed 25.04.2017 of the learned CIT(A)-36, New Delhi, relating to Assessment Year-2012-13. 2. Although a number of grounds have been raised by the assessee, these all relate to the ex-parte order of the learned CIT(A) in sustaining addition of ₹ 1,36,39,191/- made by the Assessing Officer u/s 68 of the Act on account of unsecured loan. 3. Facts of the case, in brief, are that the assessee .....

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..... itors and genuineness of the transactions. Although, the assessee proved to the satisfaction of the Assessing Officer regarding the identity of the directors, however, according to the Assessing Officer, the assessee failed to substantiate to establish the creditworthiness of the Directors/loan creditors as well as the genuineness of the transactions. He, therefore, made addition of ₹ 1,36,3 .....

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..... substantiate with evidences to his satisfaction regarding creditworthiness of the three directors and the genuineness of the transactions. We find the learned CIT(A) sustained the addition made by the Assessing Officer, since, the assessee did not appear before her to substantiate the creditworthiness of the directors and the genuineness of the transactions. It is the submission of the learned cou .....

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..... direction to grant one final opportunity to the assessee to substantiate its case and decide the issue as per fact and law. The assessee is also hereby directed to appear before the learned CIT(A) to substantiate its case without seeking any adjournment under any pretext failing which, the learned CIT(A) shall be at liberty to pass appropriate order as per law. We hold and direct accordingly. The .....

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