M/S. VICTOR INFRAPROPERTIES PVT. LTD., ,KOLKATA vs. ITO, WARD - 5(4), KOLKATA

This is an appeal preferred by the assessee against the order of the Commissioner of Income Tax(Appeals)-10, Kolkata [hereinafter referred to as ‘CIT(A)’] dated 29.06.2018 for the assessment year 2012-13.

At the time of hearing, neither the assessee nor the Authorized Representative appeared for attending the hearing nor any application seeking adjournment was filed. It is pertinent to note that the earlier Counsel of the assessee vide letter dated 20.08.2022 informed the Bench that they have withdrawn their Power of Attorney. Thereafter a fresh notice was issued accordingly and the case was fixed for hearing on M/s Victor Infraproperties Pvt. Ltd. 19.09.2022 which was duly served on the assessee. However again neither the assessee nor his A.R appeared to argue the case. Under these facts and circumstances we have no choice but to dispose off the appeal ex-parte on merit after hearing the Ld. D.R.

After hearing the Ld .D.R and perusing the material on record, we note that the issue under challenge in Ground nos.1 to 7 before us is against the confirmation of addition of Rs. 10 crores by Ld. CIT(A) as made by the AO on account of unexplained cash credit u/s 68 of the Act. We have perused the assessment order as well as the appellate order and observe that the assessee has not been able to prove its identity, creditworthiness of the creditor and genuineness of the transactions. Since the assessee has not appeared before us and there is no material / evidence to take a different view then what has been taken by the lower authorities. Accordingly, we are inclined to uphold the order of the Ld. CIT(A) on this issue by dismissing the appeal of the assessee. Accordingly ground nos. 1 to 7 are dismissed.

In the result, the appeal of the assessee is dismissed.