TMI Blog2022 (9) TMI 250X X X X Extracts X X X X X X X X Extracts X X X X ..... ugh the assessment order as well as the impugned order of the ld. CIT(A), we do not find any justification to interfere with orders of the lower authorities. The impugned orders of the lower authorities are, therefore, upheld and appeal of the assessee is hereby dismissed. - I.T.A. No. 920/Kol/2019 - - - Dated:- 2-9-2022 - SHRI SANJAY GARG , HON BLE JUDICIAL MEMBER And SHRI GIRISH AGRAWAL , HON BLE ACCOUNTANT MEMBER Assessee by : None Revenue by : Shri Biswanath Das , Sr. D / R ORDER PER SANJAY GARG , JUDICIAL MEMBER : The present appeal is directed at the instance of the assessee against the order of the Learned Commissioner of Income Tax (Appeals) - 23, Kolkata, (hereinafter the ld. CIT(A) ) dt. 07/03/2017, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the fact that the appellant filed evidences in support of the identities and creditworthiness of the share applicants and genuineness of the transactions. 5. For that the Ld. CIT(A) erred in confirming the action of the Assessing Officer in completion of the assessment by making addition of Rs.5,38,16,000/- as unexplained credit simply because the share applicants did not comply with the summon issued u/s. 131 when otherwise all the evidences with regard to the receipt of the share application money as well as the source there of was already on assessment records. 6. For that on facts and in the circumstances of the case the addition of Rs.5,38,16,000/- confirmed by the Ld. CIT(A) was not justified. 7. For that the order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n transactions done by these type of paper companies to complete the asset base and the Assessing Officer taking note of the above facts for the purpose of enquiring into the true facts and to ascertain the genuineness of the transaction and creditworthiness of the subscriber companies and also to understand the reason for investment with such a high premium, issued summons u/s 131 of the Act to the board officers/directors of the assessee company as well as the subscriber companies calling for various details relating to the matter. However, none of the board officers/Directors of the assessee company or of the subscriber companies appeared before the Assessing Officer. Though certain documents were filed before the Assessing Officer, howe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to serve the notice upon the assessee. The Assessing Officer appointed an inspector to serve the notice, whereupon the inspector visited at the address of the company. However, he reported as under:- As directed by the ITO ,Ward -6(1), Kol, I went to Room No.103B, 7 Ganpat Bagla road, Kolkata-700007 on 24.02.17 to serve the notice U/s 250 in the case of M/s Concord Dealtrade (P) Ltd. PAN: AADCC7141A, A.Y.- 2012-13 received from CIT(A)-23, Kol. I conducted local enquiry. I could not locate the company at the above mentioned address at that time. No one could tell about the existence of the aforesaid company. Submitted the report for your information. Even after approx two years of fling appeals they failed to produce details. App ..... X X X X Extracts X X X X X X X X Extracts X X X X
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