9911796707
TMI Blog2022 (10) TMI 535X X X X Extracts X X X X X X X X Extracts X X X X ..... rusal of file shows that number of notices of hearing were sent including few through RP/AD, which have been returned unserved by the postal department. Asessee has not filed any paper book or written submissions. It seems that assessee is not interested to pursue this appeal. We, therefore, deem it proper to adjudicate the appeal on merits ex parte qua the assessee on the basis of material available on record and the assistance of the ld. DR. 3. The assessee has raised the following grounds of appeal for the AY 2012-13:- "i. That in the facts and circumstances of the case, the ld. AO erred in law in adding back huge share premium amounting to Rs. 29,91,50,000/- as cash credit of the appellant. ii. That in the facts and circumstances ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... i) genuineness of the transaction. But the alleged creditors who have subscribed the amounts in the assessee company did not appear before the ld.AO for the same and remained non-compliance.Therefore, the ld. AO proceeded to framethe assessment u/s. 143(3) of the Act on the basis of as material available before him. The ld. AO was not satisfied with the identity, creditworthiness and genuineness of said transaction of share capital/ share premium of Rs. 29,91,50,000/- received by the assessee company from the alleged subscribers/creditors. He accordingly completed/passed the assessment u/s. 143(3) of the Act making addition u/s. 68 of the Act for unexplained cash credit of Rs. 29,91,50,000/- and assessed assessee's income at Rs. 29,94,10,24 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... genuineness of the transaction. Even after providing sufficient opportunity no submission was made either before the ld. AO and ld. CIT(A) nor before us in this regard. The assessee was asked to explain the cash credits received by it during the year. The assessee failed to file necessary details to explain the source of alleged cash credit and also unable to prove identity, creditworthiness of the cash creditors as well as genuineness of the transaction as per section 68 of the Act. The assessee company has miserably failed to explain the source of alleged cash credit. If the assessee had sufficient details to explain the alleged sum, it could have certainly filed those details. Consistently escaping from appearing before the ld. AO and t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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