TMI Blog2011 (3) TMI 1792X X X X Extracts X X X X X X X X Extracts X X X X ..... er framed u/s 143(3) of the Income tax Act, 1961 without considering the various details/ confirmations/ documents filed during the course of the assessment proceedings. 2. That without prejudice to the generality of the grounds of appeal no. 1 above, the learned CIT(A) has erred in upholding the action of the Income Tax Officer Ward 3(4), New Delhi in including the following sums in the total income. i) Manufacturing Expenses 10,82,855.00 ii) Share capital 76,64,220.00 iii) Unsecured loans 1,45,97,008.00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eved, the assessee filed second appeal before the ITAT. The ITAT vide order dated 7-1-2009 in ITA no. 2603/Del/07 set aside the assessment order as also the order of the CIT(A) and restored the issue for adjudication to the file of the AO after affording a reasonable opportunity of being heard to the assessee. 2.1. Consequent to setting aside by the ITAT, AO proceeded to reframe the assessment. According to AO, books of account and evidence was not produced and as a result manufacturing expenses; share capital; unsecured loans; current liabilities; personal expenses; finance charges; administrative, selling distribution expenses; and additions in fixed assets were added back to the loss declared. As a result, the loss declared b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat one Shri Adarsh Gupta carried the books of account on every hearing, but AO did not bother to look into them. It is pleaded that the assessment be set aside and restored back to the file of AO to reframe the same in accordance with law and after giving the assessee a proper opportunity of being heard. 4. Learned DR supported the orders of lower authorities. 5. We have heard rival submissions and have gone through the entire material available on record. As the facts emerge, assessee stipulates that the finding of lower authorities that books of account were not maintained, is not correct, as assessee is willing to produce the books of account before ITAT also. Further, we find merit in the argument of learned counsel ..... X X X X Extracts X X X X X X X X Extracts X X X X
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