9911796707
TMI Blog2022 (12) TMI 782X X X X Extracts X X X X X X X X Extracts X X X X ..... ls despite service of notice. Even, there is no application seeking adjournment. On perusal of record, it is observed, on several occasions earlier, when the appeals came up for hearing none appeared on behalf of the assessee. The aforesaid facts clearly reveal that not only the assessee is negligent in its approach in so far as the present appeals are concerned but there is inherent lack of interest. Since sufficient opportunity of being heard has been granted to the assessee which the assessee has failed to avail, we are inclined to proceed with the hearing of the appeals, ex parte, qua the assessee after considering the submissions of learned Departmental Representative and based on material available on record. 3. Briefly, the facts ar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee, such as, details of agricultural land and affidavit of agriculturists, the Assessing Officer made an inquiry through the Investigation Wing at Chennai. On perusal of inquiry report of the Investigation wing, the Assessing Officer found that the assessee has earned agricultural income from limited land holding. Accordingly, he disallowed 50% of the agricultural income claimed by the assessee and treated such amount of Rs. 42,12,893/- as income from undisclosed sources. Though, contesting the aforesaid additions the assessee filed appeal before learned Commissioner (Appeals), however, subsequently the appeals were withdrawn. Based on these additions, the Assessing Officer initiated proceeding for imposition of penalty under section 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... have much to say in the matter in its defence. That being the factual position, we do not find any valid reason to interfere with the decision of the Departmental Authorities. Therefore, we uphold imposition of penalty. 5. In so far as assessment year 2009-10 is concerned, the assessee filed its return of income on 30.09.2009 declaring loss of Rs. 7,05,37,007/-. In course of assessment proceedings, the Assessing Officer noticed that the assessee has shown agricultural income of Rs. 92,04,639/-. Following the decision taken in assessment year 2008-09, the Assessing Officer disallowed 50% of the agricultural income and treated it as income from undisclosed sources. Further, the Assessing Officer disallowed assessee's claim of depreciation on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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