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TMI Blog2015 (9) TMI 1651X X X X Extracts X X X X X X X X Extracts X X X X ..... ohan (VP):- These two appeals by the assessee-company are directed against the orders passed by learned CIT(A)-36, Mumbai and they pertain to A.Y. 2009-10. 2. With regard to the quantum proceedings the facts in brief are that the assessee filed return of income on 19.1.2011 declaring total income at Rs. Nil. The return was selected for scrutiny and notice u/s. 143(2) was issued on 5.9.2011. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the absence of further evidence. The assessment was accordingly completed on total income of Rs. 18,41,901/-, wherein the main addition is with regard to the cessation of liability of Rs. 15,99,886/-. Out of the three liabilities, two are old liabilities and one is current year's liability. 3. Before learned CIT(A) the assessee contended that the information with regard to loan liability of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lso levied penalty u/s. 271D of the Act on the ground that the assessee received loans aggregating to Rs. 1,20,000/- from Mr. Kashinath Tapuriah, which is in contravention of the provisions of section 269-SS of the Act, and sufficient explanation was not given for receiving the amount in cash. At the same time the Assessing Officer also treated cash loan as unexplained cash credit, but also levied ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nforcement Directorate and hence information could not be supplied. Learned counsel requested for one more opportunity to the assessee to enable the assessee-company to furnish required details. 8. Learned Departmental Representative has not raised any serious objection with regard to the request of the assessee's counsel i.e., to enable the assessee to furnish proper evidence before the Assessi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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