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TMI Blog2022 (12) TMI 789X X X X Extracts X X X X X X X X Extracts X X X X ..... l and security premium. In the case of assessee completely failed to explain the alleged cash credit and consistently 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 the bogus share capital and share premium through accommodation entry provider. Therefore, we find no infirmity in the findings of the CIT(A) confirming the addition made u/s 68 of the Act and same is confirmed. Thus the ground of appeal raised by the assessee is dismissed. - I.T.A. No. 2081/Kol/2018 - - - Dated:- 8-12-2022 - Dr. Manish Borad , Accountant Member And Shri Sonjoy Sarma , Judicial Member For the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d or grounds of this appeal. 3. At the outset, the registry has informed that there is a delay of 17 days while filing this appeal and in pursuance to that the assessee filed delay condonation application along with affidavit stating the reasons for such delay. Accordingly, we condone the delay and decide the case on the basis of material available on record. 4. Brief facts of the case are that the assessee is a private limited company. The source of income is stated to be from investment of shares income at Rs. 1,120/- declaring return of income filed on 27.09.2012 for A.Y. 2012-13. The case of the assessee selected for scrutiny through CASS followed by servicing of statutory notice u/s 143(2) and 142(1) upon the assessee but ther ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Assessing Officer, the assessee preferred an appeal before the ld. CIT(A) challenging the impugned order apart from filing the appeal of the assessee made no further efforts before the ld. CIT(A) and even did not file any documentary evidence in support of its claim as the assessee failed to do so, the ld. CIT(A) confirmed the addition. 6. Aggrieved the assessee is in appeal before the Tribunal. Again the assessee failed to appear before us on any of the dates of hearing except filing this appeal before us. It is clearly indicates that the assessee is only trying to delay the proceeding and has nothing to place on record. On the other hand, ld. DR vehemently argued in supporting the order of the lower authorities and pray for confirmin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... explanation to explain the source of alleged sum of share capital and security premium. In the case of assessee completely failed to explain the alleged cash credit and consistently 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 the bogus share capital and share premium through accommodation entry provider. Therefore, under the facts and circumstances of the case, we find no infirmity in the findings of the ld. CIT(A) confirming the addition of Rs. 23,51,00,000/- made u/s 68 of the Act and same is confirmed. Thus the ground of appeal raised by the assessee is dismissed. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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