TMI Blog2022 (9) TMI 149X X X X Extracts X X X X X X X X Extracts X X X X ..... 02/2007 dated 14.09.2007. As stated that the assessee company had paid custom duty during the year under consideration amounting and as per custom law, the assessee did not route the amount through P L A/c due to the fact that amount is not nature of expense since same has been claimed as exempt as per the Custom Act. Assessee failed to explain the reasons for variation and the SAD [ Special Additional Duty ] classified as current asset to be reflected in the P L A/c at the stage of receipt of the funds/set off. Even before this Tribunal, no explanation is made by the assessee despite sufficient opportunities were given to the assessee and the assessee chose not to attend the proceedings. No reason to interfere in the finding of Ld.CIT(A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... attending the hearing. The notices were duly sent to the assessee but no compliance was made on behalf of the assessee. However, it is also seen that vide letter dated 22.03.2022, the assessee sought adjournment and the matter was adjourned to 15.06.2022. However, on that date also, no one attended the hearing on behalf of the assessee. Thereafter, the appeal was adjourned to 11.08.2022. Hence, ample opportunities have been provided to the assessee to represent its case. It was incumbent upon the assessee to pursue its appeal. Therefore, under the circumstances stated herein before, the appeal of the assessee is taken up for hearing and is being dispose off on the basis of material available on record. FACTS OF THE CASE 4. Facts g ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rds and gone through the orders of the authorities below. I find that the assessee company is engaged in the business of import and trading of computer parts. During the year under consideration, the assessee had paid total custom duty amounting to Rs.74,15,260/- and a sum of Rs.8,67,173/- was claimed as refundable as per law. It is further stated that a sum of Rs.65,48,087/- was treated as direct expenses in the statement of Profit Loss A/c during the period ending on 31.03.2015. It is further stated that the assessee company has been following Accepted Accounting Standard and the same method is being consistently followed by the assessee company and duly accepted by the Department. It was further stated that the assessee company disclos ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... difference on account of out of total custom duty paid Rs. 8,67,173/- was claimed as refundable by the assessee company and shown under the head current assets in the books of accounts. The appellant has submitted before me as We would like to share that assessee company claims the refund of SAD (Special Additional Duty) from custom department and do not claim the expenses of this amount. This amount is booked as receivable from Custom Department and shown in Assets Side of Balance Sheet under Long Term Loans Advances , please refer Notes 2.8. We are enclosing ledger account of Receivable from Custom ledger for the said year. ii. The appellant has not explained the reasons for variations and the SAD receivable classified as ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
