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TMI Blog2016 (3) TMI 1206X X X X Extracts X X X X X X X X Extracts X X X X ..... wing substantial questions of law : "(i) Whether in the facts and circumstances of the present case, the action of the learned authorities below in ignoring the provisions of section 250(4) of the Act is legally unsustainable in the eyes of law ? (ii) Whether in the facts and circumstances of the case, the learned authorities below ought to have either taken into consideration the additional evidence upon receiving the remand report from the Assessing Officer or got an enquiry qua the payment being made from the cash credit account of the assessee as no income has accrued to the assessee which could be chargeable to tax under the Act ? (iii) Whether in the facts and circumstances of the case, the actions of the authorities necessitate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the Revenue submitted that on account of large scale discrepancies found in the books of account produced by the assessee at the time of assessment and on his failure to answer the queries raised, his books of account were rejected and the assessment was framed under section 143(3) of the Act. The discrepancies in the entries in creditors' accounts have not been disputed by the assessee. Even at the appellate stage, though the assessee filed fresh provisional balance sheet trying to explain the entries, which were found to be manipulated with earlier balance-sheet filed, but even that was not an audited balance-sheet. The assessee is trying to claim isolated relief explaining one transaction. In the absence of audited balance-sheet an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gent Steel Industries, another creditor, where credit balance of Rs. 30,00,000 was shown, which was also found to be nil in the books of account of the creditor. This is despite the fact that the appellant had produced balance confirmation certificates. Substantial difference was found on the percentage of gross profit rates, as compared to the previous year. Certain expenses claimed without there being any supporting vouchers were disallowed. The taxable income was assessed at Rs. 44,12,374 as against Rs. 2,43,980, declared by the assessee. 6. In appeal before the Commissioner of Income-tax (Appeals), prayer was made for permitting the assessee to lead additional evidence in terms of rule 46A of the Income-tax Rules, 1962, however, findin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rightly rejected by the Assessing Officer. Even at the appellate stage, he produced additional evidence in the form of unaudited provisional balance-sheet and tried to take benefit of merely two entries which, in his books of account and the balance-sheet earlier produced, he had shown differently. It cannot be said to be a mere error, rather, it was a deliberate attempt to defraud the Revenue. The relief, which the assessee is claiming at this stage explaining two transactions pertaining to the creditors, cannot be examined in isolation in the absence of other entries in the books of account, which could not be explained by him at the time of assessment as the queries raised by the Assessing Officer were not responded to and complete book ..... X X X X Extracts X X X X X X X X Extracts X X X X
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