M/S. SONATA COMMERCIAL PRIVATE LIMITED ,GUWAHATI vs. ITO, WARD - 4(1), KOLKATA , KOLKATA

- This assessee’s appeal for assessment year 2008-09 arises against the Commissioner of Income Tax (Appeals)-7, Kolkata’s order dated 28.03.2018 passed in case No.529/CIT(A)-7/Kol/Ward-4(1)/16-17, involving proceedings u/s 143(3) r.w.s. 263 r.w.s147 of the Income Tax Act, 1961; in short ‘the Act’. Heard both the parties. Case file perused.

The assessee’s sole substantive ground raised in the instant appeal challenges correctness of both the lower authorities action treating its share capital / premium amounting to ₹6.47 crores as “income from undisclosed sources”. There is no dispute that the CIT(A) has passed his lower appellate order ex parte against the assessee after observing that it had failed to appear during the course of lower