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2019 (12) TMI 1550 - AT - Income TaxAddition u/s 68 - addition in Share Capital only by making the reference of RBI Inspection report - whether CIT (A) not giving the proper opportunity to plead the case before it and by passing ex-parte order, the order is not tenable as it is not based on natural ground realities and justice - HELD THAT:- None was present from the assessee’s side. In the absence of any representation from assessee’s side, at the time of hearing before us, we heard the Ld. Sr. DR. Appellant is a cooperative bank and AO after obtaining statutory inspection of appellant from RBI examinee the share capital introduced in the appellant bank and after detailed enquiry and having confronted appellant made an addition as appellant failed to discharge requisite onus u/s 68 of the IT Act. Similarly an addition was made on account to failure to substantiate genuineness, identity and creditworthiness of eight investors of share capital. Appellant failed to discharge the primary onus u/s 68. An addition appellant's claim regarding addition to share capital and incurrence of business, expenses u/s 37 at assessment stage as well as during appellate stage. Thus, the additions made by AO are upheld and accordingly appellant’s grounds of appeal are dismissed We find that the Ld. CIT(A) has given detailed reasons for his decision on merits in the aforesaid impugned appellate order of Ld. CIT(A). During appellate proceedings in Income Tax Appellate Tribunalno material has been brought for our consideration to persuade us to take a view different from the view taken by the Ld. CIT(A) in the impugned ord er on merit. After hearing the Ld. Sr. DR and after perusal of materials on record, and further, in view of the foregoing discussion, we decline to interfere with the aforesaid impugned appellate order of Ld. CIT(A); and dismiss this appeal of assessee.
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