TMI Blog2022 (9) TMI 763X X X X Extracts X X X X X X X X Extracts X X X X ..... t produce any documents or submission in support of its claim to negate the view taken by the AO as well as CIT(A) and examining the facts and circumstances of the case and going through the documents available on record, we find that the order passed by the CIT(A) need not required to be interfere. We accordingly sustain the order passed by the ld. CIT(A) and the appeal of the assessee is dismissed. - ITA No. 1619/Kol/2018 - - - Dated:- 13-9-2022 - SHRI MANISH BORAD , HON BLE ACCOUNTANT MEMBER AND SHRI SONJOY SARMA , HON BLE JUDICIAL MEMBER Appellant by : None Respondent by : Smt. Ranu Biswas , ACIT , DR ORDER PER SONJOY SARMA , JM : The instant appeal filed by the assessee pertaining to the A.Y. 2012-13 is dir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gh the directors of the 5 shareholding companies did not appear in person, they had time and again represented themselves through authorized agents and had caused to produce all the relevant documents especially in relation to share transactions, company identity, books of accounts etc. iv. For that all the documentary evidences along with the books of accounts were produced before both the assessing authority and the appellate, which, unfortunately, both of them failed to appreciate and consider, thus making the impugned order and demand liable to be quashed and/or set aside. v. For that the Assessing authority while computing the total Assessed Income , at the time of Assessment, failed, refused and/or neglected to consider t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... For that the appellant craves leave to add, amend or alter any or any other grounds later on at the time of or before hearing of this appeal. 2. At the outset, it is noted that there is a delay of 7 days on the part of the assessee in filing this appeal before the Tribunal. In this regard, the assessee has filed an application seeking condonation of the said delay and keeping in view the reasons given therein, we are satisfied that there is a sufficient cause for the delay of 7 days on the part of the assessee in filing this appeal before the Tribunal and delay in filing the instant appeal is accordingly condoned. 3. Brief facts of the case are that the return of income for AY 2012-13 was filed on 29.09.2012 declaring total income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and heard the matter with the assistance of ld. DR. 6. The assessee in this appeal raised almost 10 grounds. However, the core issue raised in ground no. 1 in respect of disallowance of transaction for procuring share capital for the appellant-company to the tune of Rs. 1,35,00,000/- on the sole reasons that the director of the assessee company did not personally appear in response to the summons issued u/s 131 of the Act. 7. We after perusing the material available on record and examining the alleged impugned order and from the order passed by the AO, we find that while deciding the issue, ld. AO had issued summon u/s 131 of the Act to the director of the AO on 25.02.2015 with the direction to produce of the share holder along with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of transaction with the assessee company. But the appellant could not produce any of the director of the investor company nor furnished any explanation or clarification in this regard despite the fact that the AR was informed during the remand proceedings of the non-existence of companies at the given address and non-attendance by directors in response to the summons which leads to the conclusion that these companies were having existence in papers only and the ld. CIT(A) while passing this order, he confirmed the view taken by the AO in respect of addition made for Rs. 1,35,00,000/- as unexplained money u/s 68 of the Act on account of share application money received from five companies and the ld. CIT(A) did not interfere in the order pa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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