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TMI Blog2022 (11) TMI 1166X X X X Extracts X X X X X X X X Extracts X X X X ..... lleged sum it could have certainly filed those details before the authorities below. The assessee consistently escaping from appearing before the ld. AO and the appellate authority 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 are attracted. Thus, it is held that the assessee has routed its unaccounted income in the books of account in the form of share capital and security premium by arranging bogus share capital and share premium through accommodation entry provider. Therefore, we find no infirmity in the finding of the CIT(A) confirming the addition made u/s. 68 of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... olkata. 2. When the case was called for, none appeared on behalf of assessee. A perusal of file shows that number of notices of hearing was sent including few through RPAD, which have been returned unserved by the postal department. In this case, assessee has not filed any paper book or written submissions. It seems that assessee is not interested to pursue this appeal. We, therefore, deem it fit and 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 2008-09: 1. That on the facts and in the circumstances of the case, the learned Commissioner or Income Tax (Appeals) Ko ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tax (Appeals) -17 failed to appreciate that the assessment made u/s 143(3) of the Act earlier cannot be reversed merely on the basis of pointing of defect/lack of requisite enquiry on the part of erstwhile assessing officer.. 8. For that further the Learned CIT (A) -17 Kolkata erred in confirming the addition u/s 68 of the Act, which was added by the Learned Assessing Officer /s 69 as unexplained investment. 9. For that the confirming of addition by ld. CIT(A) u/s 68 in respect of addition u/s 69 made by the Assessing Officer, reflecting the serious contradiction and confusion apart from non-application of mind, based on presumption, surmises conjunctures, illegal invalid and / otherwise perverse. 10. That the appellant cr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... before the ld. CIT(A) and did not file any other documentary evidence in support of its claim. Therefore, the ld. CIT(A) confirmed the addition made by the AO in the hands of assessee. 6. Dissatisfied with the above order, the assessee is in appeal before this Tribunal. However, the assessee again failed to appear before this Tribunal on any of the date of the hearing except filing this appeal before us. From the conduct of the assessee, it is clearly indicates that the assessee is only trying to delay the proceedings and has nothing to placed on record. On the other hand, the ld. DR vehemently argued supporting the order of lower authorities and prayed for confirming the order of ld. CIT(A). 7. We have heard ld. DR and perused the m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on as per the provisions of law. The assessee has miserably failed to explain the source of alleged cash credit if the assessee has sufficient details to explain the alleged sum it could have certainly filed those details before the authorities below. The assessee consistently escaping from appearing before the ld. AO and the appellate authority 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 of the Act are attracted. Thus, it is held that the assessee has routed its unaccounted income in the books of account in the form of share capital and security premium by arranging bogus sh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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