9911796707
TMI Blog2017 (10) TMI 876X X X X Extracts X X X X X X X X Extracts X X X X ..... e u/s. 69 of the I.T. Act made by AO. 2. The appellant craves leave, to add, alter or amend any ground of appeal raised above at the time of the hearing. 2. The brief facts of the case are that the assessee filed return of income declaring total income of Rs. 37,97,660/- after claim of deduction of Rs. 35,03,079/- on 2.12.2013. The return of the assessee was processed under section 143(1) of the Income Tax Act, 1961 (hereinafter referred as the Act) Act. The case of the assessee was selected for scrutiny and notice u/s. 143(2) of the Act was issued on 08.12.2014. Again notice u/s. 143(2) of the Act alongwith questionnaire under section 142(1) of the Act was sent on 26.08.2005. In response to the notices, the A.R. of the assessee appeared ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e has passed a well reasoned order, which does not need any interference. 7. We have heard both the parties and perused the records, especially the impugned order passed by the Ld. CIT(A). After perusing the assessment order, it reveals that Assessing Officer has not brought on record any reasons for inclusion of manufacturing expenses of Rs. 713.82 lacs which include fabrication and embroidery expenses of Rs. 296.27 lacs and wages of Rs. 280.53 lacs for working out the percentage of disallowance. There is not even a whisper as to why the Assessing Officer has chosen to include these expenses for making the disallowance. In the absence of reasons or any justification for disbelieving the genuineness of the manufacturing expenses, we are of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /s. Gopal clothing Co. Pvt. Ltd. during assessment year 2003-04 c. Copy of my Income-tax return along with the Profit and Loss account and balance sheet. d. copy of bank statement reflecting the payment received from Gopal Clothing Co. Pvt. Ltd. in respect of goods supplied to them. Trusting that the above shall meet your requirement." A Copy of this letter showing the Dak receipt particulars of the Assessing Officer have been placed on record. Therefore at the time of finalization of assessment, the requirements of the notice under section 133(6) had been largely met by M/s. Baba Finishers itself and in the case of M/s Parvathi Agencies on being confronted by the Assessing Officer about the non-compliance, the appellant filed ev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that cheques issued to M/s. Parvathi Agencies have been cleared. M/s. Parvathi Agency is also assessed to tax and as per affidavit has surrendered the profit relating to the transactions. It is a fact that the purchases are hypothecated with the bank and in the absence of purchases i.e. stock, the banker would generally not give the loan to the appellant. The existence of Shri Anil Nagpal. proprietor of M/s Baba Finishers has also been adequately proved, in view of his physical presence before me as also the particulars of Permanent Account Number card and passport shown to me. That Shri Anil Nagpal is an Incometax assessee and has filed his Income-tax returns is also an undisputed fact. For the relevant year, his balance sheet, profit and ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
