9911796707
TMI Blog2022 (11) TMI 232X X X X Extracts X X X X X X X X Extracts X X X X ..... see 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 - 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 AO and the appellate authority(CIT A) indicates that the assessee has no plausible explanation to explain the source of alleged sum of share capital and security premium. If the assessee is unable to explain the alleged cash credit and consistent escaped, the provisions of section 68 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s an ex-parte one, the CIT (A) I, Kolkata had powers to re institute the appeal upon request of the appellant. However, when no such request was filed, even after continuous follow up of the appellant, the appellant consulted a senior counsel. The senior counsel informed the appellant that there was no such provision in law to re institute the appeal before the Ld. CIT (A) I, Kolkata. As such the only remedy available with the appellant was to file an appeal before the Honourable ITAT, Kolkata. By the time the appellant assessee came across the above fact it was already 24/12/2018. The due date for filling the appeal before the Honourable ITAT, Kolkata was 10/12/2018. The appellant without wasting any further time decided to file the appea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ify the grounds taken herein. 5. Brief facts of the case are that the assessee is a private limited company. The source of income is stated to be from investment in shares. Income at Rs.3,880/ declared in e return of income filed on 18.10.2012 for the AY 2012 13. Case selected for scrutiny through CASS (Computer Assisted Scrutiny Selection) followed by serving of statutory notices u/s. 143(2) and 142(1) upon the assessee. The A/R of the assessee time to time appeared before the ld. AO and produced the copies of books of account, audited accounts and other relevant details/documents in support of return as filed. The ld. AO observed that the assessee company has received an amount of Rs. 2,23,75,000/ as share subscription being share ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Again the assessee failed to appear before us on any of the dates of hearing. Except filing this appeal and an affidavit for condonation of delay no other details are filed. It clearly indicates that the assessee is only trying to delay the proceeding and has nothing to place on record. On the other hand, the ld. DR vehemently argued supporting the orders of lower authorities and prayed for confirming the order of ld. CIT(A). 8. We have heard the ld. DR and perused the material placed on record before us. The assessee has challenged the finding of the ld. CIT(A) confirming the addition made u/s. 68 of the Act at Rs. 2,23,75,000/ by the ld.AO for unexplained cash credits of share capital and security premium received during the year. We ..... X X X X Extracts X X X X X X X X Extracts X X X X
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