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2018 (10) TMI 718

Best Judgement assessment u/s 144 - unexplained cash deposit - unsecured loans - Admission of additional evidences - Held that:- there have been number of occasions wherein the hearing have been scheduled by the Assessing Officer, however, there has been no compliance on the part of the assessee and the Assessing Officer has proceeded and passed the order u/s 144 of the Act. - Assessing Officer has not objected to the admission to the additional evidences and has in fact gone ahead and examined those additional evidences and found the transaction undertaken by the assessee verifiable. In such circumstances whether the Revenue has not objected to the admission of the additional evidences, it would have been better had ld. CIT(A) given h .....

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l as on the facts of the case in confirming the addition of ₹ 23,69,200/- [20% of ₹ 1,18,46,000/-] on account of unexplained cash deposit made by the AO. The addition so made and confirmed by the ld. CIT(A) is totally contrary to the provisions of law and facts on the record and henc ehte same kindly be deleted in full. 5. ₹ 45,95,380/-: The ld. CIT(A) erred in law as well as on the facts of the case in confirming the addition of ₹ 45,95,380/- [30% of ₹ 1,53,17,932/-] on account of unsecured loans made by the AO. The addition so made and confirmed by the ld. CIT(A) is totally contrary to the provisions of law and facts on the record and hence the same kindly be deleted in full. 6. ₹ 11,02,693/-: The ld. C .....

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ility of charging and withdrawal of any such interest. The interest so charged/withdrawn, being contrary to the provisions of law and facts, kindly be deleted in full. 2. Ground No. 1 is general in nature, does not require any separate adjudication. Hence the same is dismissed. 3. In Ground No. 2, the assessee has challenged the framing of assessment u/s 144 without affording adequate and reasonable opportunity to the assessee. We have gone through the records and find that notice u/s 143(2) was issued on 31.08.2015. Thereafter, notice u/s 142(1) was issued on 27.06.2016 asking the assessee to furnish required information and documentation. Thereafter, there have been number of occasions wherein the hearing have been scheduled by the Assess .....

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office letter dated 29.06.2017 and filed his written submission. Books of accounts viz-a-viz ledger, cash book, bank statements, purchase and sales register, bills and vouchers were also produced and examined on test check basis. The case was discussed with them. The para wise remand report is as under:- 1. Assessment completed u/s 144 of the I.T. Act: On perusal of record, it was found that enough opportunity of being heard were provided to the assessee, but the assessee neither appeared nor furnished any reply during the period of 5 months of proceeding, which shows that the assessee was not in a position to have anything to produce or say. All notices/letters were issued to the assessee through speed post and served mostly on very next .....

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e. 5. Disallowance of brought forward losses of ₹ 1,81,760/- In assessment for AY 2013-14, losses have been determined at ₹ 51,724/- and allowed to be carried forward. In return of income for AY 2014-15, assessee firm has set off of o/F losses amounting to ₹ 1,81,760/- which is not allowable. It may be allowed to the extent of ₹ 51,724/- only. 7. On perusal of the remand report, it is observed that the Assessing Officer has not given any adverse comments regarding admission of the additional evidences produced by the assessee. In fact, the same were examined by the Assessing Officer during the course of remand proceedings and the cash deposit in the assessee s back account were held verifiable. Similarly, unsecured l .....

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