9911796707
TMI Blog2025 (4) TMI 658X X X X Extracts X X X X X X X X Extracts X X X X ..... ellate Tribunal) Rules, 1963. The order in the Miscellaneous Application of the assessee re-fixing the assessee's appeal for hearing is dated 10.10.2023 in MA No.196/Del/2018. Thereafter, the appeal was fixed for hearing on nine occasions, today being the tenth occasion, but, none appeared on behalf of the assessee on any of the occasions nor any application seeking adjournment was filed. Notices were repeatedly issued on the stated address of the assessee in Form No.36 by registered post. It seems that the assessee is not interested in pursuing the appeal despite being given second opportunity. Therefore, the appeal was taken up for hearing and is being adjudicated ex parte qua the assessee with the assistance of the ld. DR, the orders of the authorities below and the material on record. 3. The grounds raised by the assessee read as under:- "1. On the facts and in the circumstances of the case as well as in law the Ld. Commissioner of Income Tax (Appeals) grossly erred in holding that the penalty order dated on 01.03.2013 passed by Ld. Assessing Officer is valid in law. 2. On the facts and in the circumstances of the case as well as in law the Ld. Commissioner of Income Tax ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to produce Bank statements of the applicants, Books of accounts maintained by it and also the parties and its own director before the AO. Before the ld.CIT(A) copy of Bank statement of the share applicants was submitted who sought a report from the AO twice: once to seek information about the bank accounts of the share applicants who had given money to the assessee company and noting from the report of the AO that in all the bank accounts of the seven share applicants money had come from one single bank account, the CIT(A) had sought further inquiry on this single bank account which had given money to all the seven share applicants. Further inquiry by the AO reported in his second report revealed that in this bank account there was cash deposit which was routed to the seven share applicants who immediately on the next day had transferred the money as share application money to the assessee company. The bank accounts of the share applicants was noted to have nominal amount with there being a credit entry the same day or a day before cheque was issued to the assessee company.. Noting all these facts, the ld.CIT(A) confirmed the addition of bogus share capital made in the hands of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... made. 8.17 In the present case, the Assessee Company not only failed to discharge the onus to prove that the claimed Share Capital (including Share Premium) amounting to Rs. 2,65,10,000/- was contributed by the 7 claimed Companies, but it is also noticed that the Assessee deliberately evaded compliance by not even producing its own Directors and not producing its own Books of Account, Bills & Vouchers etc. The extent of non compliance by the Assessee Company is seen from the fact that even the present addresses of the Directors of the Assessee Company and their Income Tax Returns were not filed despite specific request of the Assessing Officer. 8.18 The enquiries made during the Appellate Proceedings in the Quantum case (Appeal No. 196/09-10, before Ld. CIT(Appeals)-XXI, New Delhi), particularly the two Remand Reports submitted by the Assessing Officer during the Quantum Appellate Proceedings have further fortified the additions of Rs. 2,65,10,000/- made and bringing on record, additional evidences against the Appellant, have firmly established the deliberate concealment of income by the Appellant. 8.19 The Learned CIT(Appeals)-XXI called for Remand Report from Assessing Offi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ccount no. 861796 as the Primary Account referred in the terms and condition and the owner of the account us the group Owner. As per declaration made by the Director of shareholders companies at the time of opening the bank account in the bank, they have declared that one more account be opened-with ABN Amro Bank New Delhi for accounting purpose of their international transactions But as per bank statement there is no international transactions were made. As per the declaration the group companies contains the following names:- i) M/s Lovely Securities Pvt. Ltd. ii) M/s. Avail Financial Services Pvt. Ltd. iii) M/s. VPC Financial Services Pvt ltd iv) M/s. Lehra Investment Pvt Ltd v) M/s. Mehul Investment Pvt Ltd. vi) M/s. Smartest Corporate Services Pvt. Ltd etc. On perusal of the statement of account of M s Group Companies i.e. M/s. S.G Fincap Private Ltd. I have observed that the amount initially transferred to the company who has subsequently remitted the money for allotment of shares of my assessee company. This fact has already been explained to your good-self in my earlier remand report dated 7th January, 2011 Now in support of my submission I am submitting the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Link Telecom (P) Ltd as per annexure 'H'. All the above companies were maintaining double accounts. Cash were deposited in the parallel account and subsequently transferred to another account by way of cheque to show that there is no cash transaction in the account and from that account made the requisite investment. From the above it is clear that the money were routed from one account another account of the group companies. It is pertinent to mention here that the amounts were deposited in the bank account of shareholders account on the same day or one day prior to the date of issue of the cheque to the assessee company for allotment of shares. This facts can also verified with the annexure attached to this report as mentioned above," 8.22 The Appellant in its Written Submissions dated 25.01.16 has failed to answer the charge of deliberate concealment of income by the above modus operandi brought out in the order dated 28.04.11 in Appeal No. 196/09-10, of Sh.V.K. Tiwari, the Learned Commissioner of Income Tax (Appeals)- XXI, New Delhi on the basis of the two Remand Reports submitted by the Learned Assessing Officer in the Quantum Appellate Proceedings. The order of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
