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TMI Blog2023 (2) TMI 28X X X X Extracts X X X X X X X X Extracts X X X X ..... otices sent to the Assessee at the address mentioned in form no. 36, returned back by the postal department with the remark "no such person residing on this address". Meaning thereby, the Assessee is not available in the said address. Consequently, the notice for the date of hearing on 18.01.2023 was issued to the Assessee through e-mail. However, still the Assessee did not appear. Hence in the constrained circumstances, we are inclined to decide this appeal as ex parte. 3. In this case the Assessee by filing its return electronically on 8.10.2010, declared its income at Nil, which was processed on 29.08.2011 u/s 143(1) of the Act. Subsequently, based on the information received from Asstt. Director of Income-tax (Inv.)-2, Kanpur and furth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... idly initiated proceedings by way of issue of notice u/s 148 of the Act. In view thereof, these grounds of appeal are dismissed." 5. Further, the learned Commissioner also sustained the addition made by the AO by concluding as under: "5.1 The AO made addition of Rs.2,63,53,166/- u/s 68 of the Act on account of unexplained cash credit after due consideration of the replies filed by the appellant held that the appellant has not been able to prove the genuineness of the transactions and invoked provisions of section 68 of the Act and brought to tax Rs.2,63,53,166/- as unexplained cash credit in the hands of the appellant company. It is settled law that if any credit is found in the books of the accounts of the assessee, the primary onus li ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alidity of the initiation of the reassessment proceedings, but also taken into consideration various judgments, as referred to in paras 4.2 & 4.3 and also the amended provisions of Section 147 of the Act, consequently, we are inclined not to interfere in the conclusion drawn by the learned Commissioner qua initiation of reassessment proceedings and issuance of notice u/s 148 of the Act. 7. Coming to the merit of the case it appears clearly from the orders passed by the authorities below that the Assessee has failed to prove its primary onus lies on it, to prove the identity of the creditor, creditworthiness of the creditor and genuineness of the transaction. Further, the Assessee also failed to substantiate its grounds of appeal qua merits ..... X X X X Extracts X X X X X X X X Extracts X X X X
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