TMI Blog2022 (9) TMI 282X X X X Extracts X X X X X X X X Extracts X X X X ..... of hearing before us also assessee did not file any calculation chart to show profit or loss earned by the assessee in respect of share transaction undertaken by assessee is less than estimated by AO and as such the material available on record it can be informed that the order passed by the ld. CIT(A) need not required to examine further and addition made on account of share transaction on estimated the profit at the rate of 1% - Appeal of the assessee is dismissed. - ITA No. 142/Kol/2022 - - - Dated:- 21-7-2022 - SHRI MANISH BORAD , HON BLE ACCOUNTANT MEMBER AND SHRI SONJOY SARMA , HON BLE JUDICIAL MEMBER Appellant by : None Respondent by : Smt. Nibedita Gupta , ACIT , DR ORDER PER SONJOY SARMA , JM : This is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The brief facts of the case are that the assessee-company filed its return of income for A.Y. 2017-18 declaring total income of Rs. 3540/-. The case of the assessee was selected for scrutiny through CASS. Accordingly, notices u/s 143(2) and 142(1) of the Act were issued which was duly served upon the assessee-company. In response to such notice, assessee-company furnished some documents online. Thereafter, no one appeared on behalf of the assessee although several notices were issued to the assesseecompany ultimately, the AO on 29.11.2019, a show cause letter was issued upon the assessee fixing the case for hearing on 06.12.2019. But no one appeared in response to show cause notice ultimately the AO passed the following order: Till dat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 14A Rs. 25,709/- 25,709/- [Addition: Rs. 25,709/-] Penalty proceeding u/s 270A is initiated separately for under reporting of income. Show cause letter issued to the assessee on the following issue. As per your accounts it appears that you have made huge transaction of unquoted shares during the year under question. But till date you have not given the details of that transaction as asked in the office notice issued u/s. 142 (1). Therefore, you are ask to show cause why percentage profit would not charged and added back to your total income. Till date the assessee has not filed any explanation. As per account the outward share transaction of the assessee is Rs.72,50,000/- . In absence of any details of the aforesaid tra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the profit @ of 1% of the transaction and added Rs. 72,500/-. However, the appellant s argument is that the assessing officer had not brought any evidence to prove the fact that the assessee-company earned this profit. The assessee even in the course of appeal before ld. CIT(A), the appellant has not furnished any calculation with regard to profit loss earned by the assessee in respect of the transaction in shares. Thus, the ld. CIT(A) had no other option but upholding the addition of Rs. 72,500/- made by the AO on estimated basis. 8. We after careful perusal and material available on record, the appellant undertaken transaction in shares amounting to Rs. 72,50,000/- and assessee did not furnish any calculation with regard to profit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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