TRANSOCEAN EXPRESS LOGISTICS PVT LTD,MUMBAI vs. ACIT CIRCLE 11(3)(1) MUMBAI, MUMBAI

None appeared on behalf of the assessee when the case was called out repeatedly. From the case records, we noticed that summons in this case were sent by the Registry through Speed Post as well as email. More than one month has passed since the summons were issued at the address provided by the assessee in Form No. 36. Therefore, drawing inference under the General Clauses Act, it is presumed that the service of summons/notice has been duly effected.

On the other hand, the learned DR, present in the Court, is ready with the arguments. Therefore, we have decided to proceed with the hearing of the appeal ex parte.

The solitary ground raised by the assessee relates to challenging the order of the learned CIT(A) in upholding the addition made by the AO under Section 68 of the Act.

We have heard the learned DR and perused the material available on record. From the records, it is noticed that the assessee had issued debentures during the year under consideration amounting to Rs. 1,06,98,897/- to different investors. The assessee was afforded sufficient opportunity to prove the genuineness of the transactions, however, the assessee failed to establish the genuineness of the transactions. Consequently, the AO made an addition under Section 68 of the Act by treating the said amount as unexplained cash credit.

Although the said order was challenged before the learned CIT(A), the assessee could not substantiate its stand even before the learned CIT(A). Accordingly, the learned CIT(A) upheld the addition made by the AO. The relevant findings of the learned CIT(A) are contained in paragraphs 7.1 to 7.3 of the appellate order.

After considering the entire material available on record, we notice that the assessee has miserably failed to discharge its onus. Consequently, the Revenue Authorities rightly rejected the contentions raised by the assessee and made the addition.

Since no new facts, circumstances, or documents have been placed on record by the assessee to controvert or rebut the findings lawfully recorded by the learned CIT(A), we see no reason to interfere with or deviate from the findings so recorded by the learned CIT(A). Accordingly, we dismiss the ground raised by the assessee and uphold the order of the learned CIT(A).

In result appeal filed by the assessee stands dismissed.