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2022 (9) TMI 149 - AT - Income TaxDiscrepancy found in the payment of custom duty as per AIR [“Annual Information Report”] - unexplained expenses u/s 69C - HELD THAT:- As stated that a sum was treated as direct expenses in the statement of Profit & Loss A/c during the period ending on 31.03.2015. It is further stated that the assessee company has been following Accepted Accounting Standard and the same method is being consistently followed by the assessee company and duly accepted by the Department. It was further stated that the assessee company disclosed in balance sheet and followed Customs Act Circular No.6/2008-Customs dated 28th April 2008 and Notification No.102/2007 dated 14.09.2007. As stated that the assessee company had paid custom duty during the year under consideration amounting and as per custom law, the assessee did not route the amount through P&L A/c due to the fact that amount is not nature of expense since same has been claimed as exempt as per the Custom Act. Assessee failed to explain the reasons for variation and the SAD [“Special Additional Duty”] classified as current asset to be reflected in the P&L A/c at the stage of receipt of the funds/set off. Even before this Tribunal, no explanation is made by the assessee despite sufficient opportunities were given to the assessee and the assessee chose not to attend the proceedings. No reason to interfere in the finding of Ld.CIT(A), the same is hereby affirmed. Thus, grounds raised by the assessee are dismissed.
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