TMI Blog2019 (7) TMI 592X X X X Extracts X X X X X X X X Extracts X X X X ..... For the Assessee : Shri Akash Kumar For the Revenue : Shri P. Daniel ORDER PER AMARJIT SINGH, JM: The assessee has filed the present appeal against the order dated 24.11.2017 passed by the Commissioner of Income Tax (Appeals)-49, Mumbai [hereinafter referred to as the CIT(A) ] relevant to the A.Y. 2003-04 in which the penalty levied by the AO has been order to be confirmed. 2. The assessee has raised the following grounds: - 1 The Commissioner of Income-tax (Appeals) 49, Mumbai (hereinafter referred to as the CIT(A))) erred in framing an exparte order. the appellants contend that on the more and in the circumstances of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to add to, alter or amend the aforestated ground of appeal. 3. The brief facts of the case are that the assessee filed its return of income on 01.12.2003 declaring total income to the tune of Rs. Nil/-. The assessee showed the carry forward loss in sum of ₹ 17,27,21,815/- after set off of brought forward speculation profit of ₹ 2,86,34,48,301/-. The set off of loss and carry forward loss was not in order. The return was accompanied by statement of account viz. profit and loss account, balance-sheet and tax audit report u/s 44AB and TDS certificate. The return was processed u/s 143(1) of the Act resulting refund of ₹ 23,21,903/- on account of TDS which was issued to the assessee. The cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re the CIT(A) who restricted the claim to the extent of ₹ 71,38,731/-. Thereafter, the penalty proceeding was initiated and penalty in sum of ₹ 26,23,484/- was levied. The matter of controversy came before the Hon ble ITAT in view of the ITA. No.242/M/2011 for the A.Y. 2003-04 dated 06.07.2018 in which the claim of bad debts has been allowed. The relevant finding has been given in para no. 4 which is hereby reproduced as under.: - 4 We notice that the Ld. CIT(A) has confirmed the disallowance to the extent of ₹ 71.38 Iakhs only and the reason that said bad debts claim related to the amount one from sister concerns of the assessee. However, a perusal of the ledger accounts of the sister c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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