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TMI Blog2025 (5) TMI 1493X X X X Extracts X X X X X X X X Extracts X X X X ..... e first issue raised by the assessee through its grounds of appeal are regarding the failure of Ld.CIT(A) in not considering the submissions made by the appellant before him. The contest of the assessee is not supported by facts on records. Para 4.1 of Ld.CIT(A) order shows that written submissions filed by the appellant were perused and considered by him. Thus seen, no case of any non-consideration of submission has been borne out from records. The ground of appeal number 1 is therefore dismissed. 3.0 The next issue raised by the appellant through the ground of appeal No.2 is regarding non-consideration of the figures given in its revised returns by the Ld.AO. Short brief factual matrix of the cases is that the assessee had filed to two r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unsel for the assessee submitted that the learned AO has taken a constricted view of the matter by simply recording that the assessee has not provided any break up of liabilities. The Ld. AR has contested that the Ld.CIT(A) confirmed the action of the Ld.AO on incorrect parameters. It is the case of the assessee that the impugned confusion has arisen in the mind of lower authorities as the assessee had re-classified and disclosed a portion of its liabilities of Rs. 4,35,95,430 as current liabilities, under the head, current borrowings. Ld.Counsel submitted that the impugned current liabilities have been erroneously treated as unexplained cash credits under section 68. The Ld.AR submitted that it had not availed any additional loan during th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessing officer cannot be construed as submission of an "no adverse report". We find sufficient force in the argument of the assessee regarding the disclosure of certain items in the balance sheet in compliance to accounting standards. We are the considered view that the matter deserves to be remitted back to learned assessing officer. Accordingly, we set aside the order of the lower authorities and direct the Ld. assessing officer to reconsider the entire issue after affording due opportunity of being heard to the assessee and by passing a speaking order, in accordance with law. The assessee shall be bound to comply with all the statutory notices issued by the learned assessing officer and any non-compliance would be adversely viewed. All ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on-production of requisite details and supporting evidences, Qua Impugned expenses lies at the core of the controversy. Both the lower authorities have clearly observed that the assessee has not provided requested details. The assessee has not been able to provide during the present proceedings, also any details qua justification of impugned expenses. Consequently, the estimation of 5% allowance made by the Ld.CIT(A) has been found to be reasonable and in order. Accordingly, we are of the opinion that there is no case for any intervention to the order of the Ld.CIT(A). We therefore confirm the order of the Ld.CIT(A) appeal and dismiss ground of appeal number 4 raised by the assessee. 11.0 In the result, appeal of the assessee is partly all ..... X X X X Extracts X X X X X X X X Extracts X X X X
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