MALLARD SECURITIES PRIVATE LIMITED,FARIDABAD vs. ITO,WARD-16(2), NEW DELHI
Before: SHRI YOGESH KUMAR U.S. & SHRI AVDHESH KUMAR MISHRAMallard Securities Private Limited 2055-56, 3rd Floor, Gali No. 6, Chunna Mandi, Pahar Gunj, New Delhi PAN: AAHCM6940R Vs. ITO Ward-16(2) C. R. Building, New Delhi
PER YOGESH KUMAR, U.S. JM:
The present appeal is filed by the Assessee against the order of Ld. Commissioner of Income Tax (Appeals/ National Faceless Appeal
Centre (‘Ld. CIT(A)/NFAC’ for short), New Delhi dated 31/01/2023 for the Assessment Year 2012-13. 2. Brief facts of the case are that, an assessment order came to be passed u/s 143(3)/147 of the Income Tax Act, 1961 ('Act' for short) on 20/12/2018 by making an addition of Rs. 300,03,00,000/- u/s 68 of the Act and addition of Rs. 5,40,05,400/- on account of unexplained investment in the form of expenditure @ 1.8% of the accommodation entry.
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3. Aggrieved by the assessment order dated 20/12/2018, the Assessee preferred an Appeal before the Ld. CIT(A). The Ld. CIT(A) vide order dated 31/01/2023, dismissed the Appeal filed by the Assessee.
None appeared for the Assessee even after service of notice. Therefore, we deem it fit to decide the present Appeal on hearing the Ld. Departmental Representative.
The Ld. Departmental Representative relying on the orders of the Lower Authorities sought for dismissal of the Appeal filed by the Assessee.
Heard and perused. During the assessment proceedings, the A.O. issued notice to the Assessee to explain the nature and source of sums credited to its books of account by various Companies. Since the Assessee failed to explain the nature and source of sums credited to its books of account aggregating to Rs. 3,03,00,000/-, the same has been treated as unexplained as per Section 68 of the Act and added to the income of the Assessee. Further the Ld. A.O. held that the Assessee has incurred unexplained investment in the form of expenditure @ 1.8% of the accommodation entry which amount to Rs. 5,40,05,400/- and added the same to the income the Assessee.
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Date:- 27 .08.2025
R.N, Sr.P.S*