9911796707
TMI Blog2023 (1) TMI 167X X X X Extracts X X X X X X X X Extracts X X X X ..... ared on behalf of assessee. A perusal of file shows that the assessee's case was fixed for hearing on various occasions. It also shows that notice(s) for hearing sent to addressee, but returned unserved. It is, therefore, presumed that the assessee is not interested to prosecute its appeal. We, therefore, deem it fit and proper to adjudicate the appeal on merits ex parte assessee on the basis of material available on record and with the assistance of the ld. DR. 3. The assessee has raised the following grounds of appeal for the AY 2012-13:- 1. (a) That on the facts and in the circumstances of the case, Ld.ClT(A) is wrong and unjustified in passing order u/s. 250 of Income Tax Act, 1961 dated 21.08.2017 on exparte view for noncompliance o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ry notices u/s. 143(2)/142(1) of the Act to submit the requisite details. Details of, which available at page-2 & 3 of the assessment order. But in response to notice issued u/s. 142(1) of the neither any one appeared nor filed any details requisitioned by the ld.AO. Thereafter, the ld.AO issued summons u/s. 131 of the Act to the directors/share subscribers of the assessee company, but there was no compliance. Ld. AO found that the assessee company had issued shares at Rs. 568400/- with a premium at Rs. 11,66,31,600/- but assessee failed to explain the said sum. Ld. AO found that the assessee intentionally avoided the assessment proceeding and not cooperated in completing the assessment. Finally Ld. AO completed best judgment assessment u/s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on record before us. The assessee has challenged the finding of the ld. CIT(A) confirming the addition made u/s. 68 of the Act at Rs. 11,72,00,000/- by the ld.AO for unexplained cash credits of share capital and share premium received during the year. We notice that the assessee company had offered income at Rs. 850/- for the AY 20012-13. The assessee company has been able to procure share capital/share premium at Rs. 11, 72,00,000/-. It creates doubt about the genuineness of the alleged transaction as to how such company with no asset and poor track record has been able to procure share capital/share premium totalling to Rs.11,72,00,000/-. The company having secured such huge magnitude of share capital and share premium must be having pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... find no infirmity in the finding of the ld. CIT(A) confirming the addition of Rs.11,72,00,000/- made u/s. 68 of the Act. This ground of assessee's appeal is dismissed. 11. Ground no. 3 is with regard to the disallowance made u/s. 14A of the Act. However, on perusal of order passed u/s.144 of the Act, we notice that said disallowance was made as there was no satisfactory submission/explanation. We thus fail to find any infirmity in the findings of the ld. CIT(A). Therefore, we dismiss ground no. 3 raised by the assessee. 12. Ground nos.1(a)/(b) are consequential and academic in nature which requires no adjudication. 13. Ground no. 4 is general in nature, which requires no adjudication. 14. In the result, the appeal of the assessee is di ..... X X X X Extracts X X X X X X X X Extracts X X X X
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