9911796707
TMI Blog2022 (12) TMI 788X X X X Extracts X X X X X X X X Extracts X X X X ..... sment order framed u/s 144 of the Act dated 29.03.2016. 2. Registry has informed that the appeal is time barred by 122 days. Condonation application has been filed by the assessee. After perusing the same, we find force in the reasons mentioned therein and are satisfied that the assessee was prevented for reasonable cause in filing the instant appeal within statutory time limit. We, therefore, condone the delay and admit the appeal for adjudication. 3. The assessee is in appeal before this Tribunal raising the following grounds: "1. The Hon'ble CIT (A) has not followed the law of natural justice while confirming additions by the Ld. A.O. 2. That the impugned Appeal Order is bad in law, illegal, and in violation of rudimentary prin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee failed to appear. Ld. AO after giving a detailed finding and referring to the judicial pronouncements, came to a conclusion that the assessee miserably failed to prove the identity and creditworthiness of the shareholders and the genuineness of the transaction and therefore, following the ratio laid down by the Hon'ble Supreme Court in the case of CIT vs. Durga Prasad More reported in 82 ITR 540 and in the case of Sumati Dayal vs. CIT reported in 214 ITR 801 made the addition for the unexplained security premium u/s 68 of the Act and also disallowed the expense of 9,077/- and framed the best judgment u/s 144 of the Act on 29.03.2016 assessing the income at Rs. 19,17,39,080/-. 5. Aggrieved, the assessee preferred appeal before ld. CIT( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o unexplained cash credit. It is not in dispute that the assessee received the alleged sum during the year towards security premium. Ld. AO was justified in asking the assessee to prove the identity and creditworthiness of the shareholders/share applicants and the genuineness of the transaction. However, all the efforts of ld. AO went in vain as the assessee did not comply to any of the notices and even before the ld. CIT(A) the assessee did not appear on any occasion and similar lethargic approach of the assessee stands continued before this Tribunal. Also, the assessee has not filed any application stating any reasonable cause for not appearing on the given dates of hearing. Except filing the appeal, there is no other effort from the side ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
