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Facts
The assessee, Metalore Overseas Private Limited, appealed against the CIT(A)'s order for A.Y. 2015-16, which upheld an assessment of Rs. 7,58,83,750/- against a returned income of Rs. 1,21,33,750/-. The primary grievance was the confirmation of an addition of Rs. 6,37,50,000/- on account of share application money, alleging that the CIT(A) ignored evidence regarding the identity, genuineness, and creditworthiness of investors. Despite repeated listings and service of notices, the assessee did not appear before the Income Tax Appellate Tribunal.
Held
The Tribunal noted the consistent non-appearance of the assessee on all scheduled hearing dates, even after notices were duly served. Consequently, the Tribunal had no option but to dismiss the appeal for non-prosecution. The decision was announced in open court on January 31, 2024.
Key Issues
The key issues concerned the validity of a significant addition made on account of share application money and the implications of the appellant's non-appearance during the tribunal proceedings.
Sections Cited
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Income Tax Appellate Tribunal, DELHI BENCH ‘E’, NEW DELHI
Before: SH. SAKTIJIT DEY & SH. N. K. BILLAIYA
PER N. K. BILLAIYA, AM:
This appeal by the assessee is preferred against the order of the CIT(A)-37, New Delhi dated 17.03.2020 pertaining to A.Y. 2015-16.
The grievance of the assessee read as under :-
“1. That the CIT(A) erred on facts and in law in upholding the assessment at an income of Rs. 7,58,83,750/- as against a returned income of Rs. 1,21,33,750/- declared by the appellant.
2. That the CIT(A) erred on facts and in law in confirming the addition of Rs.6.37.50,000/- made by the assessing officer on account of receipt of share application ignoring the evidence furnished by the appellant with respect to identity, genuineness and credit worthiness of the investors merely on surmises and conjectures.”
This appeal was first listed for hearing on 17.08.2022 and thereafter on various dates as per the order sheet but none appeared on behalf of the assessee. The notices issued must have been served as the same did not return un-served.
The notices have also been served through e-mail ID provided in form No. 36 but none appeared on behalf of the assessee.
We are left with no choice but to dismiss the appeal.
Decision announced in the open court on 31.01.2024.