2015 (1) TMI 396

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....ssee filed its return of income for year under consideration on 25.09.1997, declaring loss of Rs. 1,58,970/- along with audited profit & loss account, audit report etc. Pursuant thereto, the assessee was issued notices under Section 143(2) & Section 142(1) of the Income Tax Act, 1961 (for short, 'the Act'). At the end of the assessment proceedings, the concerned AO made certain additions / disallowances. The assessee, therefore, approached the learned CIT(A) against the same. The learned CIT(A), after hearing the parties, dismissed the appeal of the assessee. Being aggrieved with the same, the assessee approached the Tribunal, wherein, the Tribunal passed the impugned order. Hence, the assessee preferred the present appeal. 3. At t....

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....gs, present appeal be dismissed, as being without merit. 6. We have heard learned Counsels for the parties and perused the material on record, including the orders passed by the learned CIT(A) and the Tribunal. 7. From a perusal of the record, it appears that the assessee had provided the complete details of the audited accounts before the Tribunal in a tabular form, which is produced at Page-25 of the Memo of the appeal and reads as under; Sr. No. Particulars A.Y. 1995-96 (Rs.) A.Y. 1996-97 (Rs.)   1 Schedule 13 - Turnover 3,35,22,483, 2,07,26,880   2 Schedule 16 - Raw Materials Consumed 2,52,26,920 1,57,75,539 Down 3 Schedule 17 - Carriage Inward 30,508, 4,03,796 (Includes import duty on imported freight yar....

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....tion A/c. Code Debit Credit   Balance b/f   NIL   22.11.95 rajkumar freight forwarde bill No. 108 JVAC 72090.00/-   23.11.95 Balance b/f rajkumar freight forwarde bill No. 107 JVAC 78615.00/-   08/12/95 Balance b/f rajkumar freight forwarde bill No. 130 JVAC 15526.00/-   09/12/95 Balance b/f rajkumar freight forwarde bill No. 131 JVAC     15.01.96 Balance b/f rajkumar freight forwarde bill No. 141 JVAC     TOTAL 358561.00/- 0.00/- Closing Balance   358561.00/-     9. From a perusal of the order of the CIT(A) it appears that it recorded that, in the case of the assessee, AO found that, though, the rate of turnover indicated a downfall, ....