Assessee's Appeals Dismissed for Lack of Evidence and Explanations

The ITAT dismissed both appeals for assessment years 2013-14 and 2014-15 as the grounds raised by the assessee were similar and had been previously dismissed. The appeals were dismissed based on the lack of evidence and explanations provided by the assessee, leading to the confirmation of the CIT(A)'s orders.

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Issues:
Appeals against separate orders for assessment years 2013-14 and 2014-15.

Analysis:
1. The assessee, a company involved in hotel and derivative trading, filed a return of income declaring total income as Nil. The Assessing Officer issued notices under sections 143(2) and 142(1) of the Act. The AO made additions under sections 36(1)(iii) and 14A of the Act but allowed set-off of brought forward losses and unabsorbed depreciation for previous years. The CIT(A) confirmed the AO's order due to the non-appearance of the assessee. The assessee challenged the action regarding advances paid for non-business purposes and disallowance of interest under section 36(1)(iii).

2. The AO found that the assessee gave an advance of Rs.3,91,00,000 to an individual for non-business purposes. The AO disallowed interest at 15% under section 36(1)(iii) as the advance was for investment in properties. The CIT(A) confirmed the disallowance due to the lack of evidence and adjournments sought by the assessee. The ITAT upheld the CIT(A)'s decision as the assessee failed to provide any explanation or evidence, leading to the dismissal of the appeal.

3. The assessee also challenged the disallowance made under section 14A r.w. Rule 8D of the I.T. Rules. The AO disallowed an amount under Rule 8D(2)(ii) and Rule 8D(2)(iii) for non-business purposes. The CIT(A) confirmed the disallowance as the assessee failed to provide any supporting evidence. The ITAT upheld the CIT(A)'s order due to the absence of any evidence supporting the assessee's claim, resulting in the dismissal of the appeal for both assessment years.

4. The ITAT dismissed both appeals for assessment years 2013-14 and 2014-15 as the grounds raised by the assessee were similar and had been previously dismissed. The appeals were dismissed based on the lack of evidence and explanations provided by the assessee, leading to the confirmation of the CIT(A)'s orders.

In conclusion, both appeals by the assessee were dismissed by the ITAT for assessment years 2013-14 and 2014-15 due to the lack of evidence, non-appearance, and failure to provide explanations, resulting in the confirmation of the CIT(A)'s orders.

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