M/S. SHREYANS CREDIT & CAPITAL P. LTD.,MUMBAI vs. DCIT, CEMTRAL CIRCLE7(2), MUMBAI

The assessee has filed this appeal challenging the order dated 12.03.2020 passed by the learned Commissioner of Income Tax (Appeals), 49, Mumbai (in short ‘CIT(A)’) and it relates to A.Y 2015-16. The assessee is aggrieved by the decision of the learned CIT(A) in confirming the disallowance of business loss of Rs.15.30 crores arising on contract settlement by holding the same as non- genuine one.

This appeal was originally disposed of by the Tribunal on 31.03.2023. The assessee filed a Miscellaneous Application subsequently seeking recall of the order and the same was numbered as M.A. No. 644/Mum/2023. The Tribunal

We observe that the notices sent by the Registry was returned by the Postal Department with the noting “not traceable”. Thereafter, none appeared on behalf of the assessee on four occasions. Hence, we proceed to dispose of the appeal ex parte, without the presence of the assessee.

We heard the learned DR and perused the record. We noticed that the learned CIT(A) has passed a reasoned order in confirming the addition made by the Assessing Officer. The assessee has not filed any material to contradict the finding so given by the learned CIT(A). Under these set of facts, we do not have any option but to confirm the order passed by the learned CIT(A).

In the result, appeal filed by the assessee is dismissed.