J.H.V.STEEL LTD.,KOLKATA vs. D.C.I.T.,CIRCLE-3(1), KOLKATA

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ITA 2444/KOL/2019Status: DisposedITAT Kolkata07 February 2023AY 2012-133 pages

In favour of the Revenue: the assessee's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the addition as the assessee failed to establish the identity, creditworthiness of share subscribers, and genuineness of the transactions before the Assessing Officer and during remand proceedings.

What were the facts?

The assessee failed to appear before the ITAT despite multiple notices. The appeal was against the CIT(A)'s order upholding an addition of Rs. 13,60,00,000 on account of equity shares issued.

What were the issues?

Whether the addition made under Section 68 on account of share capital was justified when the assessee failed to provide necessary evidence regarding the identity, creditworthiness, and genuineness of the transactions.

Which sections of the Income-tax Act were involved?

Section 68

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “B” BENCH KOLKATA

Before: Shri Sanjay Garg & Dr. Manish Borad

order : February 07, 2023 आदेश / ORDER संजय गग�, �या�यक सद�य �वारा / Per Sanjay Garg, Judicial Member: The present appeal has been preferred by the assessee against the order dated 04.06.2019 of the Commissioner of Income Tax(Appeals) -1, Kolkata [hereinafter referred to as the ‘CIT(A)’] passed u/s 250 of the Income Tax Act (hereinafter referred to as the ‘Act’).

2.

No one has put in appearance on behalf of the assessee despite notice issued several times. The notices were issued through registered post as well as through email. The notices issued through registered post have been received back unserved with the remark of the postal authority ‘left’, whereas, there is no response to the notices issued on email address of the assessee as provided in Form 36/opening form of appeal. It seems that the assessee is not interested in pursuing the Assessment year: 2012-13 J. H. V. Steels Ltd present appeal. Therefore, we proceed to decide the present appeal on merits after hearing the ld. DR.

3.

The assessee in this appeal has taken the following grounds of appeal:

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