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TMI Blog2022 (4) TMI 1316X X X X Extracts X X X X X X X X Extracts X X X X ..... raised general grounds without any material or evidence. In the absence of the same and having given seven opportunities, the assessee has not shown any interest in proceeding the matter further. We, therefore, see no reasons to interfere with the orders of the Lower Authorities and confirm the addition made by the Assessing Officer. Thus, the grounds of appeal are liable to be rejected and appeal is dismissed. - ITA No.91/Ahd/2020 - - - Dated:- 27-4-2022 - Smt. Annapurna Gupta, Accountant Member And Shri T.R. Senthil Kumar, Judicial Member For the Appellant : None For the Respondent : Shri R.R. Makwana, Sr. D.R. ORDER PER T.R. SENTHIL KUMAR, JUDICIAL MEMBER : This is an appeal filed by the assessee against the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d as income of the assessee. During the course of appellate proceedings, the assessee made an application dated 18.03.2019 and sought to file additional evidences under Rule 46A and the same has been admitted. Thereafter, the Ld. CIT(A) passed a very detailed order running into 41 pages and relied upon the jurisdictional High Court decision in the case of Pavankumar M. Sanghavi vs. ITO as follows : 6.19. Reliance is also placed in the ratio laid down in the recent decision of Hon ble Ahmedabad ITAT, Hon ble High Court and Hon ble Supreme Court in the case of Pavankumar M Sanghavi vs. ITO. The Hon ble ITAT (81 taxmann.com 308) has held that when Assessee received unsecured loan but could not produce lenders for verification and these le ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion trail as a legitimate transaction would normally follow. The only thing which sets it apart from a genuine business entity is lack of genuineness in its actual operations. The operations carried out by these entities, are only to facilitate financial manoeuvrings for the benefit of its clients, or, with that predominant underlying objective, to give the colour of genuineness to these entities. These shell entities, which are routinely used to launder unaccounted moneys, are a fact of life, and as much a part of the underbelly of the financial world, as many other evils. Even a layman, much less a Member of this specialised Tribunal, cannot be oblivious of these ground realities. 6.20 The Hon ble Gujarat High Court has confirmed t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... evident that in the appeal under consideration that the appellant could not establish the genuineness of the transaction as there is no justification for purchase of share from unknown person and of the unknown company having no financial credentials. In present case Appellant was involved in buying the penny stock, which is similar to shell companies for which various investigations were already carried out by Kolkata Investigation Wing and SEBI Order referred supra hence long term capital in present case is nothing but preconceived scheme to convert the unaccounted money of the appellant. The entire sequence of transaction is sufficient to establish that the above share purchase and sales transaction were accommodation entries and sham tr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alment of income. It is submitted that such type of incorrect and illegal notice be quashed. 5. This appeal is coming up for hearing at 8th time before this tribunal. Notice sent by RPAD has been properly served and acknowledgement is also placed on record before the Tribunal. However, none appeared on behalf of the assessee. This was the same position even in the earlier hearing also. As the assessee is not ready to conduct the case, we need to proceed with this appeal with the available material on records and with the assistance of the Ld. D.R. The Ld. D.R. submitted that the concurrent finding of the lower authority makes it clear that the trading in penny stock of M/s Vax Housing Finance Corporation Limited is not disposed by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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