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TMI Blog2022 (10) TMI 1023X X X X Extracts X X X X X X X X Extracts X X X X ..... 47 of the Act dated 03.02.2016. 2. When the case was called, none appeared on behalf of the assessee. On perusal of the file records, it is observed that the case has been regularly listed for hearing on more than 20 occasions since 18.11.2019. Neither the assessee has appeared nor any authorized person on behalf of the assessee represented before this Tribunal. We, therefore, dispose off this appeal with the assistance of ld. D/R and the available records. 3. The assessee is in appeal before the Tribunal raising the following grounds: "1. For that in the facts and circumstances of the case, the learned Principal Commissioner of Income Tax Department has erred in passing the order u/s 263 for making fresh assessment in as much as the or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the interest of the revenue under the following circumstances: - 3. It is observed from the Trading, P & L Account of the prop. Concern (Dibya Trading Co) for the year ended 31.03.2012 that Gross profit shown to the tune of Rs. 3,50,752/-. The survey operation u/s. 133A was conducted on 28.11.2014 and at the time of survey the gross profit was taken at Rs. 12,98,189/-. The assessment proceeding was completed without verifying the same. 4. It is found from the Balance sheet of Dibya Trading Co. that a sum of Rs. 16,00,000/was capitalized but the source thereof was not verified by the AO. 5. The A.O. has not made proper verification about the addition in fixed assets of Rs. 24,760/-, unsecured loan of Rs. 65,36,000/and sundry credito ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d sundry creditors. 6. Aggrieved, the assessee preferred appeal before this Tribunal. None appeared on behalf of the assessee. However, a paper book dated 27.12.2019 containing 48 pages is placed on record contained written submissions, details of records and the submissions filed by the assessee before the ld. AO as well as ld. PCIT. 7. Per contra, ld. D/R vehemently argued supporting the order of ld. PCIT. 8. We have heard rival contentions and perused the records placed before us. The assessee has challenged the assumption of jurisdiction by ld. PCIT u/s 263 of the Act and finding of ld. PCIT setting aside the assessment order passed u/s 143(3) of the Act. In the grounds the assessee has also submitted that all the issues raised by ld ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red loan as on 31.03.2012 and has completely overlooked the fact that various unsecured loans were taken during FY 2011-12 which is part of the details filed by the assessee itself. In these details it is appearing that during the FY 2011-12 unsecured loan of Rs. 6,13,000/- from Crossroads Systems Pvt. Ltd., Rs. 1,96,000/- from Gokul Projects Pvt. Ltd., Rs. 11,08,000/- from Krishna Apartment Pvt. Ltd., Rs. 5,00,000/- from Reliable Construction and Rs. 1,30,000/- from Vishnu Construction is taken during the year. But ld. AO has only confirmed the addition of unsecured loan of Rs. 17,00,000/- which the assessee himself admitted to be unable to explain. Therefore, so far as the issue of unsecured loans are concerned, ld. AO has not examined al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ry creditors at Rs. 25,92,074/-, we find that the assessee provided complete details of the sundry creditors with the ledger accounts and on going through the same, we find that with all the sundry creditors the assessee is carrying out regular business activity, they are running accounts and there is no reason to doubt the genuineness of the sundry creditors appearing in the balance sheet as on 31.03.2012 which includes the sundry creditors Ori-Plast Limited of which detailed vouchers, bills and ledger accounts were filed. We, therefore, are of the considered view that since the ld. AO examined this issue, the same need not be set aside for fresh adjudication and to this extent, the finding of the ld. PCIT on this issue is reversed. 9.6. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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