M/S RANA IRON & POWER LTD.,MUZAFFARNAGAR vs. DCIT, MUZAFFARNAGAR

As the case was called for hearing, non-appeared for the assessee. Notices have been received back with the report of refusal. In the light of facts as assessee is not appearing for long, no more opportunity is justified justify. The arguments of Ld. DR were heard who supported the findings of Ld. Tax Authorities below.

Appreciating the matter on record it can be observed that before Ld. CIT(A) after filing written submissions, non-appeared to support the submission or filing evidences and Ld. CIT(A) has discussed at length the facts questioning credibility of transaction. Reference was even made u/s 250(4) of the Act to the Ld. AO but there also no evidence was produced by the assessee. Assessee failed to discharge burden u/s 68 of the Act. The issue of disallowance for delay in deposit of employees contribution of PF now duly stands settled in favour of the Revenue and thus, the grounds raised have no substance. Consequently, the appeal of assessee is dismissed.