TMI Blog2017 (8) TMI 116X X X X Extracts X X X X X X X X Extracts X X X X ..... cord for which the assessee was claiming expenses. We find no infirmity in the direction of the Ld. Commissioner of Income Tax (Appeal) to determine the loss accordingly and to allow the brought forward losses of the current year and other years accordingly. - Appeal of the Revenue is dismissed. - ITA NO.2052/Mum/2015 - - - Dated:- 21-4-2017 - Shri Joginder Singh, Judicial Member and Shri Rajendra, Accountant Member For The Revenue : Shri Rajesh Kumar Yadav-DR For The Assessee : None ORDER Per Joginder Singh (Judicial Member) The Revenue is aggrieved by the impugned order dated 16/01/2015 of the Ld. First Appellate Authority, Mumbai, allowing loss of ₹ 1,21,83,407/- by holding that the similar nature o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... My learned predecessor sent the same for examination/verification by the Ld.AO as according to him they constitute additional evidences. However, till date no remand report is received, matter being too old is now taken up on its own merit treating that Ld. AO has no objection for the admission of the additional evidence. It is seen from the assessment order that the Ld.AO during the course of assessment proceeding observed that the unsecured loans of the appellant had increased and it failed to produce the persons and prove the creditworthiness of the loan creditors for the year under consideration. However, .a bare perusal of the audited balance sheet which was filed by the appellant along with the return as. indicated by the Ld.AO in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n all amounting to ₹ 1,57,01,732/- out of the total claim of ₹ 4,41,39,903/- which means clearly 35.57% of the entire expenses. was suo moto disallowed by the appellant reducing the loss to ₹ 1,51,43,270/- as against the loss shown as per profit and loss account of ₹ 4,07,8.0,823/- do not find any reason other than the non submissions' ,of the details which prompted the. Ld. A0 to disallow the expenses. It was stated by the learned AR of the appellant that it had requested the Ld.A0 to give time upto 1st week of December 2006 when the details as called for would be submitted to the Ld.A0. However, without giving any time the Ld.A0 passed the order on 29-11-2006. Therefore, it is not a case where the details are n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd allow the brought forward of losses of the current year and the other years accordingly. This ground of appeal is accordingly partly allowed. 2. In the result, the appeal is partly allowed. 2.2. The facts in brief are that the assessee is engaged in the business of trading in animal healthcare products. During the year under consideration, the assessee declared loss of ₹ 1,51,43,265/-. During scrutiny proceedings, the Ld. DCIT issued notice u/s 142(1) of the Income Tax Act, 1961 (hereinafter the Act), dated 19/07/2006 asking the assessee to furnish certain details, mentioned therein. To which, the assessee responded and filed the details on 26/09/2006. The Ld. Assessing Officer made the addition on the plea that details ..... X X X X Extracts X X X X X X X X Extracts X X X X
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