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Income Tax Appellate Tribunal, DELHI
Before: SH. ANIL CHATURVEDI & SH. ANUBHAV SHARMA
The appeal has been filed by the Assessee against order dated 13.06.2018 in appeal no. 10067/17-18 in assessment year 2011-12 passed by Commissioner of Income Tax (Appeals)-16, New Delhi (hereinafter referred to as the First Appellate Authority in short ‘Ld. F.A.A.’) in regard to the appeal before it arising out of assessment order dated 29.03.2014 u/s 143(3)
Taurus Agile Technology Corp. P Ltd. 2 of the Income Tax Act, 1961 passed by ACIT, Range-16, New Delhi (hereinafter referred to as the Assessing Officer ‘AO’).
Assessee had filed a return of income declaring losses of Rs. 22,00,65,114/- and the case was selected for scrutiny. During the assessment it was observed that there was a fresh inflow share application / unsecured loan and loan from Ms. Shivani Bhardwaj whose statement was recorded. The Ld. AO was not satisfied with her sources of income as a free lance interior decorator. Thus, this unsecured loan of Rs. 3,85,00,000/- was disallowed and the current year loss was reduced to Rs. 18,15,65,114/-. The Ld. CIT(A) had dismissed the appeal for non prosecution.
As the case was called for hearing on 28.07.2022, the Bench clerk has placed on record the application received by post from Sri S. Kalyani Basu, Director of assessee company informing that the company has been sold under the orders of NCLT to M/s. Ultratechcorp Pvt. Ltd., Pune and the present assessee company is not left with any staff or assets. It is submitted that the Tribunal may consider the written submission of Taurus and dispose off the matter on merits.
Heard and perused the record.
It can be observed that although the assessee company has the addition of cash credit of Rs. 3,85,00,000/- coming from the name of Ms. Shivani Bhardwaj however, no evidence has been made part of the record to appreciate that the findings arrived by Ld. AO are factually incorrect or legally not sustainable. Assessee has failed to appear before Ld. CIT(A) where also the merit was not considered.
Taurus Agile Technology Corp. P Ltd. 3
In the light of aforesaid there is no substance in the grounds, the appeal is dismissed.
Order pronounced in the open court on 3rd August, 2022.