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2022 (11) TMI 192 - ITAT KOLKATAAddition u/s 68 - share capital along with premium raised by the assessee during the year unexplained - HELD THAT:- We notice that the assessee company had offered Nil income for the AY 2012-13. The assessee company has been able to procure share capital/share premium - Statutory notices u/s. 143(2) & 142(1) of the Act duly served upon the assessee and duly complied. Assessee failed to satisfy the ld.AO about identity & creditworthiness of shareholders and genuineness of the transaction. Even after providing sufficient opportunity none had appeared either before the CIT(A) even before us. 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 - 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 appellate authority(ld.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 of the Act are rightly invoked by ld.AO. Thus, we are of the view that the assessee has routed its unaccounted income in the books of account in the form of share capital by arranging bogus share capital and share premium through accommodation entry provider and shell companies. Therefore no infirmity in the finding of the ld. CIT(A) confirming the addition made u/s. 68 - All the grounds of appeal raised by the assessee are dismissed.
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