TMI Blog2021 (7) TMI 1016X X X X Extracts X X X X X X X X Extracts X X X X ..... afresh. Both the assessee and the Assessing Officer shall be provided adequate opportunity of being heard. In the form No. 36 filed before the Tribunal, the assessee has provided its address as 203, Turab Nagar, Ghaziabad (UP) -201001. In the case of the assessee, insolvency proceedings have been initiated and Sh. Anup Kumar has been appointed as Interim Resolution Professional (IRP) CIT(A) may serve notice accordingly. The grounds raised by the assessee are accordingly allowed for statistical purposes. - ITA No. 2766/Del/2017 - - - Dated:- 16-7-2021 - O. P. Kant , Member ( A ) And Kuldip Singh , Member ( J ) For the Respondents : Prakash Dubey , Sr. DR ORDER Per O. P. Kant , AM This appeal by the assessee is direc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e or before the hearing of appeal. 2. Briefly stated facts of the case are that the assessee company filed its return of income for the year under consideration on 02/11/2007 declaring current year loss of ₹ 95,534/- and unabsorbed depreciation of ₹ 2800/- which was carried forward to subsequent years. The return of income filed by the assessee was selected for scrutiny assessment and statutory notices under the Income-tax Act, 1961 (in short 'the Act') were issued. Though the assessee filed computation of income, balance sheet and profit and loss account for the year under consideration, however, thereafter there was no compliance on the part of the assessee and therefore the Assessing Officer issued a final so-cal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Nehru Enclave, New Delhi-110019) given by the appellant. Date of issue of notice Fixed for Remarks 24.09.2015 09.10.2015 None attended nor filed any adjournment. 26.11.2015 09.12.2015 None attended nor filed any adjournment. 21.12.2015 19.01.2016 None attended nor filed any adjournment. 4.1. In view of the facts stated above, it is observed that the assessee was given sufficient and reasonable opportunities to represent his case before the appellate authority but nobody attended the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assessing officer has made addition of ₹ 8,85,13,425/under section 68 of the Act as the assessee failed to explain the source of share capital and loan received during the year under consideration. Further addition ₹ 10,00000/- has been under section 69 of the Act as the assessee failed to explain the source of cash of ₹ 10,000,00/- deposited in bank account of the assessee company held on 06.07.2006. During the course of the appellate proceeding even after been given reasonable opportunity the appellant has failed to explain the source of share capital and loan received during the year and cash deposited in the bank account. Hence, the action of the AO is upheld and the ground no 3 taken by the appellant is dismissed. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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