TMI Blog1990 (9) TMI 135X X X X Extracts X X X X X X X X Extracts X X X X ..... ear 1983-84. The assessee had filed a return showing a loss of Rs. 40,47,800. Along with the return, the assessee had filed the details of the manufacturing and trading account and the details of various heads of expenditure. Altogether sixty-two enclosures were sent along with the return. 2. On25-7-1984, the ITO had raised certain queries. These requirements were also met by the assessee under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dered the details furnished. He also directed that the loss of the year 1982-83 should be carried forward. The loss for 1983-84, however, need not be carried forward. 4. Against this finding, the assessee has come in appeal. We have heard both the parties. We agree with the CIT(Appeals) that the ITO is at liberty, under these circumstances, to complete the assessment under section 144. However, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... statements. 5. T.D.S. on salary. 6. Party to whom vehicle was sold. 7. Details of salary and wages. 8. Reasons of low gross profit rate. 9. Details of cylinders' rent received and paid. 10. Partywise details of purchases and sales above Rs. 10,000. These were not furnished within time allowed when framing the assessment, the ITO could have at best drawn an adverse inference from the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of pages. Normally it is not asked for in such companies. He may be referring to bank reconciliation statements and confirmations of balances. That has already been furnished along with the returns on23-7-1984. (c) The next item required to be filed was details of vehicle which was sold. In this, he may estimate the profit under section 41(2), but apart from that, it has no other impact. In respe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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