RELIANCE GENERATORS PRIVATE LIMITED,CHENNAI vs. INCOME TAX OFFICER, NFAC

Brief facts of the case are that the assessee company has failed to file a return of income for the Assessment year 2015-16 though there has been sale consideration on sale of immovable property amounting to Rs. 92,00,000/-. After considering the said fact, the AO issued notice u/s 148 of the Act. During the assessment proceedings the AO issued various notices. During the assessment proceedings, the appellant has stated that the reopening of assessment does not arise as the appellant has paid tax on the said immovable property transaction and the said tax payment is duly reflected in 26AS. In view of complete non-compliance from the appellant, the AO obtained the copy of sale deed by issuing notice u/s 133(6) of the Act to Shri C Balasubramaniam of Chennai, one of the co-purchaser of the said property. The AO, on the basis of facts narrated in the sale deed, calculated the Long Term Capital Gain at Rs. 83,73,740/- by taking the indexed cost of acquisition at Rs.8,26,260/-. Accordingly, the AO completed the assessment proceedings u/s 144 r.w.s 147 by the making addition of Rs. 83,73,740/- as Long Term Capital Gain of the I.T. Act. Aggrieved by the addition, the appellant filed an appeal before the ld. CIT(A). However, before the ld.CIT(A), assessee did not appear despite notices issued, hence the ld.CIT(A) proceeded on merits and dismissed the appeal and upheld the order of AO. Hence, assessee is further in appeal before us.