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TMI Blog2024 (8) TMI 217X X X X Extracts X X X X X X X X Extracts X X X X ..... ces of the case, the learned CIT(A) has erred both on facts and in law in passing the order without providing the adequate opportunity of being heard in gross violation of principle of natural justice. 3. On the facts and circumstances of the case, the learned CIT(A) has erred both on facts and in law in rejecting the books of the assessee invoking provision of section 145(3) of the Income Tax Act. 4. (i) On the facts and circumstances of the case, the learned CIT(A) has erred both on facts and in law in confirming the disallowance of Rs. 3,50,75,638/- made by AO on account of financial expenses by the assessee. (ii) That the disallowance has been confirmed rejecting the explanation and documents submitted by the assessee. (iii) Tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Income Tax Act, 1961. (ii) That the disallowance has been confirmed ignoring the proviso to section 40(a)(ia) whereby deductee having including the income in its return of income the assessee cannot be treated as assessee in default and hence no disallowance can be made under section 40(a)(ia) of the Act. 8. (i) On the facts and circumstances of the case, the learned CIT(A) has erred both on facts and in law in confirming the disallowance of Rs. 6,50,038/- made by AO on account professional charges invoking the provision of section 40(a)(ia) of the Income Tax Act, 1961. (ii) That the disallowance has been confirmed ignoring the proviso to section 40(a)(ia) whereby deductee having including the income in its return of income th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 61. History of the case Particulars Date Amount/Additions/Outcome Original return filed 27.10.2007 Nil (Loss of Rs. 8,43,46,100/-) Assessment order passed under section 143(3)/144 29.12.2009 Rs. 1,88,65,040/- Remand Report 28.11.2011 Commissioner of Income Tax (Appeals) passed order u/s 250 31.07.2012 Appeal partly allowed Order passed by the Hon'ble ITAT in ITA No. 5600/DEL/2012 14.03.2014 Set aside to the file of Assessing Officer Assessment order passed under section 143(3)/254 31.03.2016 Rs. 1,88,65,040/- Commissioner of Income Tax (Appeals) passed order u/s 250 29.03.2019 Appeal dismissed Details of additions sustained Particulars Amount 10% of Manufacturing, Administration, selling and other expense ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appreciating the information available on record. The ld. AR submitted that during the course of assessment proceedings copies of the ledgers, bank statement, and various details were furnished. The assessee could not produce other documents and records as asked by the AO due to the fact that factory was under the possession of the bank and other records were lost for which FIR was lodged in the police station Bhiwadi (Rajasthan). The Assessing Officer did not appreciate that interest and other financial charges were paid to State Bank of India. 12. However, it is a fact on record that the relevant details and bank statement were filed during the assessment proceedings. 13. From the attached details, it is clear that the Appellant paid i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... various returns filed by the assessee that the company shown brought forward losses/depreciation from year to year. While calculating tax demand, the AO is directed to allow credit of the same as per the provisions of Income tax Act. 17. To conclude, Particulars Amount Result 10% of Manufacturing, Administration, selling and other expenses 50,73,548/- Confirmed Financial Expenses 3,50,75,638/- Deleted Expenses Payable 21,99,656/- Confirmed Commission + Brokerage 19,89,551/- Confirmed Professional Charges 6,50,038/- Confirmed Purchases - 5% of Purchases Total 5,00,05,297/- Confirmed Depreciation 82,17,416/- Deleted Total 10,32,11,144/- 18. In the result, the appeal of the assessee is allowed. Order ..... X X X X Extracts X X X X X X X X Extracts X X X X
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